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Stage
Characteristics Sales Profit Strategic thrust Customer targets Competition Differential advantage
Introduction
Growth
Maturity
Decline
Low Marginal or even loss Market development Non-users; innovators Few, less known Superior performance; new benefit; features
Fast growth Rapid rise Penetration Form new segments Intensive growing with time Brand name, corporate identity
Slow growth Falling margins Defend share Shed segments Many efficient ones Price, unique service
Decline Low margins Cut cost, reposition or withdraw Selective; explore new market Limited Business experience; low cost producer
Stage
Marketing mix
Introduction
Growth
Maturity
Decline
Product
Unique offering
Different variety
Rationalize range
Price
Low or premium
Maintain margin
Smaller margin
Promotion
Incentive to use
Advertising focus
Awareness building
Distribution
Build network
Limited coverage or enter new market and develop new form of distribution
Current products Existing market Market penetration strategies Increase market share Increase product usage: - increase frequency of use - increase quantity used - new applications Marketing innovation and expansion strategies Expand markets for existing products: - geographic expansion - target new segments
New products Product development strategies Product improvement Product line extensions New products for same markets
New market
Technological innovation and diversification strategies Vertical integration: - forward integration - backward integration Diversification into related business (concentric diversification)
Adding
Customer based New customers attracted Old customer cannibalization Confusion and dilution of brand equity Operations based
Dropping
Impaired efficiency
Maintaining distribution Servicing old versions
Product Modifications
Continuous quality improvement, redesign, and updated styling points toward modifying the product. Modification can be of three types: Clearly better(e.g., an upgrade); Different (e.g., a styling or ingredient change that is likely to appeal more to some customers and less to others), and Inferior (e.g., the substitution of a less expensive ingredient or aspect of the offering)
Product Line It is a group of products that is closely related because they perform similar function; targeted at the same customer groups, and marketed through the same channels.
New product launches can be broadly into three categories: Marketing innovations Product improvements Technological innovations
Key marketing preparation before a New product Launch Identification of Consumer needs Clear Segment Formation by Effective Market Research Choose a Proper Positioning Platform Effective Promotion/Advertising Ensuring Product Quality Effective Sales and Distribution Correct Pricing Strategy Differentiation of the New Offering Leveraging Existing Strengths