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Discuss how a company can maintain success for products in the mature stage of the product life cycle and give examples
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- Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.Select a product you are familiar with. Do research about that product. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?Discuss and Understand the reasons behind success or failure of a new product?
- Describe the options available to marketers of products in the decline stage of the product life cycle.How stages of the product life cycle relate to a firm’s marketing objectives and marketing mix actions.Using an example to illustrate your answer, discuss how and why the product element of the marketing mix should be managed across the FOUR stages of the product life cycle.
- Why is it important for marketers to understand the product life cycle?Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?Select 4 products in various stages of the product life cycle. Note what stage of the life cycle that they are in and why you believe that they are in this stage. What are some marketing strategies that could be used to extend the product life cycle for that product or category?