In 3-5 pages consider the four (4) stages of the product life cycle (introductory, growth, maturity and decline), define your marketing objectives under each one of the four stages, and explain how you will use the marketing mix to create your marketing strategy under each one of the four stages. Product Life Cycle and Relevant Marketing Strategies

Merchandise like human life have phases. These embrace an introductory section the place the product is launched into the marketplace for the primary time. It’s adopted by the Development stage, the place the merchandise grow to be recognized to prospects, and their gross sales charge improve exponentially. After that, the product enters the third section, maturity, the place gross sales are on the peak and alternate options of the merchandise begin to emerge, resulting in elevated competitors. After that, the product enters its last stage, the decline section, also called the saturation level. Right here the gross sales begin dwindling, main to cut back revenues. Notably, the outlined phases are distinctive, and every requires a distinct advertising tactic to maximise gross sales in order that the product can acquire progress and keep related for a very long time (Harish & Jyosthna, 2020). In that regard, this paper will discover the 4 phases of the product life cycle and provides related, efficient advertising combine techniques intimately.

The Introductory Section

The introductory section is the place the product has been launched and is now available on the market. This explicit section is characterised by a sluggish progress attributed to folks being unaware of the product and its capabilities (Ismail & Safrana, 2015). Moreover, the advertising groups wouldn’t have sufficient coaching to affect new prospects into buying, and the product distribution channel will not be well-defined. In that regard, my advertising goal is to set an affordable value,

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