Promotion and the Product Life Cycle
The Product Life Cycle
Every product goes through a lifecycle of introduction, growth, maturity and decline (Cant, Strydom & Jooste, 2006). The introduction stage entails designing, developing, and launching the product to the target market. The growth stage is characterised by a rapid increase in sales and market share. At the maturity stage, the growth of sales starts to slow down. The slowdown may deteriorate, causing sales to decline. The product life cycle has important implications for marketing (Cant, Strydom & Jooste, 2006). Each stage often calls for a different marketing strategy. At the introduction stage, attention is paid to creating awareness and developing the market. The focus of marketing shifts at the growth stage, with attention being paid to creating brand preference and growing market share. This can be achieved by maintaining product quality and price, adding distribution channels, targeting a broader audience, and so on. When growth slows down at the maturity stage, focus is shifted to maintaining market share through strategies such as differentiation and price adjustment. At the decline stage, decisions such as adding new features to the product, minimising costs, narrowing market focus, and discontinuing the product can be made (Vashisht,...
Social Media Marketing Companies aim to increase their sales by retaining and acquiring customers or improve brand publicity using different marketing strategies. Today, marketing is considered as the most important section of any business. Therefore, companies are focusing more on this area and putting efforts to make marketing as much efficient as they can. Various marketing strategies have been introduced that doesn't require businesses to spend large amounts on marketing. Objectives for
Social Media Many startup companies today feel that having a strong social media presence is essential to their business success. They have a Facebook page, a Twitter account and probably more. They might integrate their social media in order to strengthen their reach to potential customers. The low cost and high visibility of social media makes it attractive to many small businesses, who can reach many more customers for very little
First blogs were the dominant channel for consumers to share their product and service experiences with companies and as Facebook and Twitter have become more dominant, the speed, velocity and volume of feedback has escalated nearly exponentially. All of this now puts consumers in a highly influential position relative to brands (Bernoff, Li, 2008) and the rapid assessment of their social media marketing strategies as well (Hennig-Thurau, Gwinner, Walsh,
Social Media Marketing Risk in Social Media Marketing Role of Federal Government in Managing Cross Country Transactions Regulation of Customer Transactions through Government Branches Agency Relationship in Social Media Sites Social Media marketing is increasing at fast pace and giving business organizations an opportunity to offer their products to diverse market located all over the world. Likewise, customers are getting unlimited product varieties to choose from according to their need and preference. There are certain
Brisbane Brewing Company - Social Media Marketing Plan Through a marketing plan based on a social media platform, Brisbane Brewing Company is targeting consumers of alcoholic beverages of the ages 18 and 25. Due to their unique tastes and individual traits they should not be viewed as your common-place beer drinkers since they are crafty. And because they mainly interact through social media, many firms have now adopted this mode of
Critical Reflection #6Part 1: Article SummaryThe article that I elected to focus on in this case is titled, The Impact of Face-to-Face Street Fundraising on Organizational Reputation, by Waldner, Willems, Ehmann, and Giles. The article was published in 2020 in the International Journal of Nonprofit and Voluntary Sector Marketing. In essence, the article authors point out that many managers in the nonprofit sector have in the past encouraged the deployment
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