Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.
March 21, 2020 Comments Off on Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle. Course Work Assignment help

Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.

Marketing via project life cycle.

Marketing is a process of making sure that the product or service is will introduce and understood by every customer full stop it is important to have the right marketing strategies we should make sure that the product sales will increase very soon.  It is a basic guideline to understanding the product before adding it to the market once the product is in the market and if the product has flaws or defect then the product will be a complete loss and failure of the project.  Every product and service have a lifespan which is measured by its sale theory and history of the project is been launch after its deployment the development part of the project is completely ended now the marketing and marketing strategies are involved at the marketing stage. In order to understand various categories and characteristics of marketing to market a product and service, it is important to understand the product life cycle.  Every product and service has a certain life cycle which is a different product that has a different life cycle which defines is initial stage to its final stage.  To understand the marketing phase of any product it is important to understand its product life cycle.

Product life cycle

 Understanding marketing characteristics per product life cycle requires the knowledge of the product life cycle.

 The product life cycle is categorized into  4 stages. 

 Stage 1 introduction

 In stage 1 the product is deployed by the company and it is introduced in the market first once the product is introduced in the market it is now introduced to the customers so that the customer can experience the product by using it.  But the only introduction of the product is not enough the product has to properly advertise and market in the commercial area so that the product will be used by the customers (Cata, 2010).

Stage 2 Growth

  Once the product is in the market it is necessary for the company to market the products that the sales of the product to increase.  as The sales of the product is increased by using various marketing techniques such as giving the free samples in the market, giving right amount of discounts, providing two products in the price of one and many more other techniques to market a product will increase the product sales and your we can say that the product gets established and the product sales are increased and the product is grown in the market.

Stage 3 maturity

 The sales of a product are increased and the product is well established in the market now it is necessary to fight the competition of the product. As there are many other products which are similar to the product so there is a competition to generate profit more than other companies it is important to find the competition.  Once the competition is completely dissolved or at least half dissolved then we can say the product is measured in the market. 

Stage 4 decline

 After using various techniques and characteristics for the marketing of the product buy fighting is competition providing discounts and equality publicizing the product in the market now it is important to generate profits.  As the product is well established in the market now it is time to minimize the marketing expenditure and rationalize the product range which will arrange the right amount of profits for the company.

 This is how marketing ideas can be used by understanding the product life cycle and unique characteristics can be generated for marketing a product or service (Gossieaux, 2010).

References

Bolotaeva, V., & Cata, T. (2010). Marketing opportunities with social networks. Journal of Internet Social Networking and Virtual Communities2010, 1-8.

Moran, E., & Gossieaux, F. (2010). Marketing in a hyper-social world: The tribalization of business study and characteristics of successful online communities. Journal of Advertising Research50(3), 232-239.

2nd student response (siva rama kallam):

 Product life cycle

The product life cycle consists of four major stages such as introduction, growth, maturity, and decline.  All the four-stage are very important to understand the project life cycle and the product essentiality in the market.  As the product life cycle defines is characteristics and features which will be used in the market to identify unique ideas to publicize the product in the market.

Stage 1 introduction

 The introduction stage is where the product is created and that is understood by the company for their awareness about the product is created step by step in the introduction stage.  Once a product is completely introduced to the audience it is important to understand the features of the product.  In the stage of introducing the product is directly introduced to the customer as product awareness is prepared by the company and circulated in the market (Cata, 2010).

Stage 2 growth

 Understanding the stage to require the complete acknowledgment that the product is deployed and it is in a market that is introduced to the customers.  Once a product is introduced to the customer now the second step is growth in the sales of the product.  The growth in sales of the product will only increase if the product is like to by the customers.  But in order to like the product customer has to buy the Product.  Very few customers buy new products which are in the market so show the company has to improve features of the basic product and establish in market shares for the product.  Providing the sale discount and other unique ideas of marketing such as giving free samples, using the product in sales, the keeping the budget why is price of the product, etc.  All these unique ideas will make sure that the product sales are grown and the second stage of the product life cycle is successfully completed.

Stage 3 maturity

 once the second stage is successfully completed we can understand that the sales of the product are increasing in the third step it is important to identify the competition of the product once the composition of product is identified and the competition is defeated with using some business strategies we can say the product is will matured in the market. 

Stage 4 decline

 According to stage II and stage III we can understand that the product is well established in the market and well-established product in a market has high sales.  Now this is the time for the company to make profits by minimizing marketing expenditures.  Once the marketing expenditure decreases the company will indirectly make a profit as expected (Gossieaux, 2010).

References

Bolotaeva, V., & Cata, T. (2010). Marketing opportunities with social networks. Journal of Internet Social Networking and Virtual Communities2010, 1-8.

Moran, E., & Gossieaux, F. (2010). Marketing in a hyper-social world: The tribalization of business study and characteristics of successful online communities. Journal of Advertising Research50(3), 232-239.

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