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Some Products have a Long introduction period- To create hype and Demand.
Several characteristics are associated to this
stage-
• Sales are low
• Costs incurred such as promotion and
distribution are high
• The Production process is generally new
• Profits are negative or low
• Need to inform customers about the new
product
Some strategies that organizations make use of
during this stage are as follows:
Pioneer Advantages
Or Second Mover ??
Most studies indicate the market pioneer
gains the greatest advantage-
• Increase in sales
• Increase in profits
• Early adopters like and buy the product
• Increase in competition
Some strategies that organizations make use of during
this stage are as follows:
• Maintain or improve the quality of the product
• Additional features are added to the product
• New markets are targeted
• Lowering prices to attract more customers and establish market
share
• Mass media advertising to establish brand image
Challenges
Market share decreasing
Profits Starts to Decline
Marketing strategies of maturity stage
• MARKET MODIFICATION
• PRODUCT MODIFICATION
• MARKETING PROGRAM
• MODIFICATION
Reasons
• Technological advances
• Shifts in consumer tastes
• Increased domestic and foreign competitions
Technological advances
Shifts in consumer tastes
Increased domestic & foreign
competitions
SLOW AND RAPID DECLINE
1.SLOW DECLINE
2.Rapid decline
SOME WITHDRAW AND SOME REMAIN
MARKET STRATEGIES
• HARVESTING
DIVESTING