As a living organism goes through its life cycle from its origin to its maturity, to its ageing etc, similarly any product in the market goes through a definite life cycle. This product lifecycle show similar phases like origin or introduction, growth, maturation and decline or ageing and so on. Any student of strategic marketing should concentrate on the mechanism of the product lifecycle mentioned in the assignments of Strategic Marketing. The strategic marketing assignment writing help can be found from BookMyEssay. The life cycle is affected by the market position of that product. This in turn influences the marketing strategies and planning about the future of the product.
Stages in the Product Life Cycle:
There are mainly four stages in the life cycle of any product. These are briefly discussed as below:
- Introduction: The launching of the product in the market is called Introduction. It is done after extensive research and development required for the successful launch of the product. The marketing lay emphasis on the promotion and initial distribution of the product. Usually for a new product there are no competitors at this initial stage. But still the sales may not be high due to the slower acceptance of the product by the target audience. There may be loss to the company at this stage.
- Growth: If the feasibility and acceptance of the product is well taken by the market, the sales of the product begin to increase. The company should make improvements in the product in order to stay in the competitive market. This can be done by having feedback surveys at regular intervals from the market segments. The number of competitors may be low as the new technology of the product may not be completely understood by the competitors.
- Maturity: When the product reaches maturity stage, the sales may reach at their maximum. At this stage, the product may face stiff competition from the other competitors as they may come out with a better alternative of the product. The company, in order to stay in the competition may improve the product further or may find it difficult to continue with the existing product.
- Decline: All products may not see this phase as some product remain in demand for a very long time. Further improvement in the quality of the product and customer loyalty do not bring decline phase in some product’s life cycle. However, this phase refers to the decline in some product sales due to competition pressure and saturation point reached by the product. Most of the products, after this phase, may be phased out from the market.
The life cycle of a product greatly influences the market decisions about the fate of the product. Whether it will continue to be present in the market or may be taken away, all depends upon that product’s life cycle.
The marketing decisions are mainly of two types:
- Promotional Decisions: These decisions include those strategies which help in the increase of product sales in the competitive market. This may not go a long way as the product may reach a saturation point or the competition must be very hard for it to survive. At this time the company may focus on launching a new product according to the new demands and new technological advances.
- Pricing decisions: The pricing strategies depend upon the demand of the product in the market. If the product has high demand in the market, the price may be increased by the company, but if the demand is low, the company may have to offer discounts in order to sell the product. The monopoly of the product in the market results in a price which the customers have to pay no way or the other.
The above decisions depend on the stages of the product life cycle. If the product is in its maturity phase for a long time, the decisions may be for further promotions and if the product is in decline stage, the decisions may be to make it compete in the market to stay alive.
Strategic Marketing students have to focus on the strategies made for market decisions. These strategies depend upon the life cycle of the product. So study of the product life cycle is very essential for students of strategic marketing for making their strategic marketing assignments. All students do not go into depth of strategies of marketing management so they are not able to solve their assignments efficiently. The only option for those students is to take online professional assignment writing help. BME is a well known name in the field of professional assignment writing. They have experts who have vast knowledge and experience to provide help in strategic marketing assignments. All this professional help comes with a very reasonable price tag. Moreover, BookMyEssay.com has a fleet of writers available 24 x 7 for clearing queries and doubts of the students at any time.