During each stage of a product's life cycle, the types and levels of sales, profits, and competition rise, peak, and eventually decline.The product life cycle defines the stages that new products move through as they enter, are established in, and ultimately leave themarketplace. In their life cycles, products pass through four stages: introduction, growth, maturity, and decline. The product life cycleoffers a useful tool for managers to analyze the types of strategies that may be required over the life of their products. Even thestrategic emphasis of a firm and its marketing mix (4Ps) strategies can be adapted from insights about the characteristics of each stageof the cycle.Read each statement and categorize it by the market attributes and consumer types that characterize eachproduct life cycle stage. Place each item in the correct box on the chart.Intense competitionJonasWinnieNiche segmentSylvieFrancineLow salesOpportunities increaseMarketing costs (e.g., promotion, distribution) increase as firmsvigorously defend their market shares against competitors in this time ofintense competition.Introduction stageGrowth stageMaturity stageDecline stageMarket AttributeConsumer TypesJonas

Just like a living being has a definite life cycle which ends after a definite time period,…

Answered: During each stage of a product's life…

Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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In this module, the product life cycle was defined as a concept that explains how products go through four distinct stages from birth to death including: introduction, growth, maturity, and decline. Each stage is actually based on the market's response to the product. This dynamic causes firms to adjust their marketing strategies so that they are in alignment with the current stage. For this discussion, review the Product Life Cycle Strategies on pg. 304 in your text and respond to each prompt. Identify one product for each stage in the product life cycle (i.e., four different products) and explain how each product fits in its particular stage, as noted. • For the product you identified in the introduction stage, tell us what strategies you would use to launch this new product. For the product you identified in the growth stage indicate what strategy would be necessary to maintain brand loyalty as competitors now are entering the market. For the product you identified in the maturity…
summary of the different phases involved in Product Development and Management and highlight how market segmentation may support this process.
Regarding product life-cycle planning, good marketing managers know that Multiple Choice competing firms may introduce a product during any stage of the product life cycle. every brand must go through the sales decline stage. market introduction is usually profitable for the innovator. any change in an existing product results in a new product life cycle.
Describe the stages of the product life cycle (PLC) and how marketing strategies change during a product’s life cycle.
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?
Product strategy, as part of the marketing mix, should be driven by consumer needs. Consumers make purchase decisions based on perceived benefits. Sometimes translating desired benefits to product design, features, and overall product strategy can be challenging for marketers. Define the word "product" as it relates to business, specifically marketing. Discuss specific real-world examples of products that have been successful and products that have been unsuccessful.
Launch a newly product "laptop" of the following products for completing your marketing plan. 1. Corporate Objective 2. Marketing Objectives and Strategies (The product you are launching) 3. Setting Marketing objectives 4. Characteristics of the product 5. Market Potential 6. Market Segmentation 7. Target Market 8. Product Positioning 9. Objectives of each promotional activity
Changes at each stage of the Product Life Cycle (PLC) greatly affect the implementation of the marketing mix strategy of a product or service. Discuss each marketing mix strategy in relation to the changes in each stage of PLC.
An effective marketing plan is critical to the success of product and/or service. What are the key components of an effective marketing plan?
Marketing Mix choose a product that you have purchased recently. Research and investigate this product on the Internet and in the marketplace. Evaluate the marketing mix (product strategy, pricing strategy, distribution strategy, and promotion strategy) used by the manufacturer of this product. At a minimum, consider the following questions in your investigation: Product Strategy * In what category of consumer products (convenience, shopping, or specialty) does this product fall? Why? * At what stage is this product in the product life cycle (introductory, growth, maturity, decline)? Why? * What role, if any, did branding (brand name, symbol, slogan, etc.) play in your selection of this product? Why? * What role, if any, did packaging play in your selection of this product? Why? * Evaluate the quality of the product in terms of quality level and product consistency.
When is a business most likely to adjust the marketing mix of a product? If costs change If customer needs change If management changes If Price changes
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?

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