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THE PRODUCT LIFE CYLE

THE PRODUCT LIFE CYLE. INTRODUCTION. Product branding and quality level is established patents and trademarks) are made Pricing Low penetration to build market share High skimming to recover development costs Competitive pricing is also used sometimes (in the middle) Place

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THE PRODUCT LIFE CYLE

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  1. THE PRODUCT LIFE CYLE

  2. INTRODUCTION • Product • branding and quality level is established • patents and trademarks) are made • Pricing • Low penetration to build market share • High skimming to recover development costs • Competitivepricing is also used sometimes (in the middle) • Place • Selective/Limited until consumers accept product • Promotion – goal is to Inform • Capture Innovators and early adopters • Build awareness and educate

  3. GROWTH • Product • Additional features and support services • Pricing • Maintained with little competition • Place • Channels/locations are added as demand increases • Incentives offered to retailers • Promotion – Goal is to Persuade • Aimed at broader audience • Increase in # of ads

  4. MATURITY • Product • Features are enhanced to differentiate the product from competition • Pricing • lower because of competition • Place • intensive and incentives offered to retailers decrease • Promotion – Goal is to Remind • emphasize product differentiation

  5. DECLINE • Product • Figure out why the product is in decline and make the necessary changes • Pricing • Make small changes in price points • Place • Reduce the number of locations • Promotion – goal is to Refresh • New advertising campaigns, new contests, etc

  6. DECISION POINT • 3 Main Strategies • Maintain the product • rejuvenating by added features • finding new uses • Harvest the product • reduce costs • continue to offer it to loyal niche market • Discontinue the product • liquidating inventory • selling it to another firm

  7. MAYO MADNESS

  8. Product Life Cycle Comparisons

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