To determine: The marketing strategies for the following companies in each stage of product life cycle.
Introduction:
A product life cycle defines the progress of a new product over a period of time. This concept includes four stages, namely introduction, growth, maturity, and decline.
Explanation of Solution
Company C is in its maturity stage: Company C should create demand to face its competitors at the maturity stage. For this, Company C could add additional features such as increase the level of megapixel, different lens sizes, and so on, to attract customers.
Company HP is in its growth stage: as Company HP is in its initial stage; it should create awareness for its brand by generating advertisements. Company HP should generate primary demand for the product among the customers.
Company HM is in its decline stage: Company HM, at this stage, should find the opportunities to enter new markets where there are not enough resources available.
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Chapter 11 Solutions
Marketing
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