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Why does the marketing mix change as the product moves through its life cycle?
Wiki User
∙ 11y ago
Because the product life cycle is fixed at 20 years.
Wiki User
∙ 11y ago
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Why do changes occur in product life cycle?
Product Life Cycle is a marketing tool which is underlying messages about markets' dynamic, supports the need for frequent marketing planning etc. This assists marketers in the planning process. Customers' decisions are primarily impacted by marketing activities of the companies selling in the market. The product life cycle is broken down into five different stages such as development, introduction, growth, maturity and decline stages .During the development stage product may be just an idea furthermore it can be in the process of being manufactured or not yet for sale. Product inventor is researching marketing methods and planning on launch the product. The marketing mix for this stage attempts to bring awareness of the product to potential customers through marketing campaigns and promotions.The marketing mix during 2nd stage of the product life cycle entails strategies to establish a market and create a demand for the product. As customers become aware of the product and sales increase, the product enters into the growth stage of the product life cycle. During maturity stage involves efforts to build customer loyalty, typically accomplished with special promotions. If the product generated loyalty from customers, the company can retain customers at final stage. Change in the positioning of either products or production processes will expose company in various manners such as, does not correspond between products and processes while leading to less focus and more difficulty in coordination of marketing as well as involves responding to change by broadening activity in any side instead of using. Therefore these dangers can cause to lose focus. Finally would like to say that it is important both marketing and manufacturing. To remain competitive, product cost should decline at a steady level every time cumulative production volume doubles. As a product goes through its life cycle, there are numerous opportunities for cost reduction.
What is the product life cycle of loreal?
L'Oreal Cosmetics, one of the largest Beauty Product companies in the world takes new products through a thorough and lengthy cycle. Their product cycle begins with developing a product personality (psychological profile of intended customer), product analysis, market presence, market analysis, analysis of competitors, sampling (test marketing), data interpretation (responses from customers after sampling) forecasting, relaunch, advertising campaign and marketing strategy.
How is add gel pens product life cycle?
Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.Product life cycle (PLC) Like human beings, products also have a life-cycle. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. To say that a product has a life cycle is to assert three things:Products have a limited life,Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller,Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.
Discuss the concept of product life cycle?
Can I recommend you read some text books on the subject of Product Life Cycles? You will need to differentiate between the PLC for a product category (such as CRT-based televisions and computer screens) and the PLC for individual brands and models of products. In each case, you need to know where in the life-cycle your product category and your individual product are, because this will affect how you manage the product's marketing. John. Diploma in Marketing. England.
Why is it important for marketing manager to understand concept of the product life cycle?
knowing when to launch a new product or update an existing one can give a business a crucial advantage.
How marketing strategies change during the product's life cycle?
bal
Objective Analyze the impact of the product life cycle on marketing as a product moves through its product life cycle?
a A firm should change its target but not its marketing mix b the competitive situation moves toward monopoly c industry profits keep increasing along with industry sales c customers needs and attitudes may change
What are the advantages of the traditional life cycle?
The advantages of traditional life cycle are mainly focused on maximizing profitability of a product. Having a product go through several stages of development and test marketing can help to predict whether the product has enough money making potential to invest in promotion and mass marketing.
Why do changes occur in product life cycle?
Product Life Cycle is a marketing tool which is underlying messages about markets' dynamic, supports the need for frequent marketing planning etc. This assists marketers in the planning process. Customers' decisions are primarily impacted by marketing activities of the companies selling in the market. The product life cycle is broken down into five different stages such as development, introduction, growth, maturity and decline stages .During the development stage product may be just an idea furthermore it can be in the process of being manufactured or not yet for sale. Product inventor is researching marketing methods and planning on launch the product. The marketing mix for this stage attempts to bring awareness of the product to potential customers through marketing campaigns and promotions.The marketing mix during 2nd stage of the product life cycle entails strategies to establish a market and create a demand for the product. As customers become aware of the product and sales increase, the product enters into the growth stage of the product life cycle. During maturity stage involves efforts to build customer loyalty, typically accomplished with special promotions. If the product generated loyalty from customers, the company can retain customers at final stage. Change in the positioning of either products or production processes will expose company in various manners such as, does not correspond between products and processes while leading to less focus and more difficulty in coordination of marketing as well as involves responding to change by broadening activity in any side instead of using. Therefore these dangers can cause to lose focus. Finally would like to say that it is important both marketing and manufacturing. To remain competitive, product cost should decline at a steady level every time cumulative production volume doubles. As a product goes through its life cycle, there are numerous opportunities for cost reduction.
What is the product life cycle of loreal?
L'Oreal Cosmetics, one of the largest Beauty Product companies in the world takes new products through a thorough and lengthy cycle. Their product cycle begins with developing a product personality (psychological profile of intended customer), product analysis, market presence, market analysis, analysis of competitors, sampling (test marketing), data interpretation (responses from customers after sampling) forecasting, relaunch, advertising campaign and marketing strategy.
How marketing strategies change during products life cycle?
bal
If a product is in the maturity phase of its life cycle the company should?
If a product is in the maturity phase of its life cycle, the company should emphasize relationship marketing to build dealer loyalty.
What should a company do if a product is in the maturity phase of its life cycle?
If a product is in the maturity phase of its life cycle, the company should emphasize relationship marketing to build dealer loyalty.
How is add gel pens product life cycle?
Product life cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life cycle. The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.Product life cycle (PLC) Like human beings, products also have a life-cycle. From birth to death, human beings pass through various stages e.g. birth, growth, maturity, decline and death. A similar life-cycle is seen in the case of products. The product life cycle goes through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. Product life cycle (PLC) has to do with the life of a product in the market with respect to business/commercial costs and sales measures. To say that a product has a life cycle is to assert three things:Products have a limited life,Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller,Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.
Discuss the concept of product life cycle?
Can I recommend you read some text books on the subject of Product Life Cycles? You will need to differentiate between the PLC for a product category (such as CRT-based televisions and computer screens) and the PLC for individual brands and models of products. In each case, you need to know where in the life-cycle your product category and your individual product are, because this will affect how you manage the product's marketing. John. Diploma in Marketing. England.
Why is it important for marketing manager to understand concept of the product life cycle?
knowing when to launch a new product or update an existing one can give a business a crucial advantage.
What is removed from water when disinfection is carried out?
Product life-cycle management (marketing) - Wikipedia, the free ...en.wikipedia.org/wikiProduct_life-cycle_management_(marketing) For the engineering term, see Product lifecyclemanagement. ... changes over time and must be managed as it moves through its succession of stages. ... A rise in sales per se is not necessarily evidence of growth, a fall in sales per se does not...Product lifecycle - Wikipedia, the free encyclopedia
