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pRODUCT LIFE CYCLE

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by

James Cullen

on 28 January 2013

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Transcript of pRODUCT LIFE CYCLE

Product Life Cycle Sales Time Introduction Growth Maturity Decline Extension Strategies Sales initially slow. A signifiant amount of promotion is required. Significant sales growth. This is a make or break moment for products with many products failing to make this stage. This is the point at which sales are at their peak. Profits are maximised as promotional activities are reduced and therefore so are marketing costs Sales start to drop at this stage. By this stage organization should already have launched a replacement product. Often sales are left to drop towards the break even point at which point the product is withdrawn. A marketing model that assesses the pattern of sales overtime. The stages of a products life are broken into four. Uses of the product life cycle. The product life cycle enables organizations to assess marketing requirements. Organizations need to consider the marketing strategy required for each of the products in it's portfolio.
The nature of the marketing activities undertaken by an organization will depend upon how long the product has been on the market Methods used to extend the maturity phase of the product. I believe the following products are in their the different phases of the product life cycle. You may disagree and have better examples. Please add in your own examples. I believe kindles are at there peak before being replaced by colour screen tablets. An extension strategy maybe to make the kindles smaller, lighter, back-lit and reduce the price. Kit Kat extension strategies have included new flavours, indeed the Kit Kat chunky was an extension strategy of the original four finger Kit Kat. Compact cameras are in decline mainly due to the quality of smart phone cameras. The declining sales of compacts was a contributing factor that let to failure of Jessops. Marketing Strategy A plan to achieve stated marketing objectives. It will contain the marketing mix. Marketing Mix How the 4 P's combine to market a product in the most effective (profitable) manner. Marketing Objectives The desired outcomes of the marketing plan or the marketing department. They are designed to achieve the corporate objectives. Mission statement Strategic objective Department function objectives Tactical objectives Day to day aims Google’s mission is to organize the world’s information and make it universally accessible and useful. To increase sales by 15% over the next 12 months To start distributing nationally within 7 months A highstreet retailer must be found within each town Retailers problems must be dealt with quickly and effectively. PREP Question 4 - Page 149 http://www.ocr.org.uk/images/62213-question-paper-unit-f291-an-introduction-to-business.pdf Using the following link answer the first page of questions and question 4. Click on the link and then exit present mode. The exam paper will have loaded.
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