The committee collects data from internal and external sources and evaluates products. Some companies formulate a special committee for the task known as Product Review Committee. After detecting the poor products, a company should decide whether poor products should be dropped. The first important task is to detect the poor products. Marketing mix modification should be made carefully as it is easily imitated.Ĭompany formulates various strategies to manage the decline stage. Company should reasonably modify one or more elements of marketing mix (4P’s) to attract buyers and to fight with competitors. Modification of marketing mix involves changing the elements of marketing mix. This is the last optional strategy for the maturity stage. (5) It encourages sales force and distributors.
STAGE PLOT PRO STAGE SIZE CHANGED FREE
(4) It is also a source of free publicity, and (3) It can win loyalty of certain segments of the market, (2) Product modification can be made at very little expense, (1) It builds company’s image as progressiveness, dynamic, and leadership, Product improvement is beneficial in several ways like: Many firms opt for product improvement to sustain maturity stage. Feature improvement leads to convenience, versatility, and attractiveness. This includes improving features, such as size, colour, weight, accessories, form, get-up, materials, and so forth. Quality improvement can offer more satisfaction. Quality improvement includes improving safety, efficiency, reliability, durability, speed, taste, and other qualities. Product modification can take several forms: Product modification involves improving product qualities and modifying product characteristics to attract new users and/or more usage rate per user. Price, promotion or both may be kept high or low depending upon market situation and management approach. Basic constituents of marketing strategies for the stage include price and promotion. Note that product has been newly introduced, and a sales volume is limited product and distribution are not given more emphasis. Introduction stage is marked with slow growth in sales and a very little or no profit. Marketing Strategies for Introduction Stage : Let us analyze basic strategies used in each of the stages of the PLC, as described by Philip Kotler.
Every stage gives varying importance to these elements of marketing mix. Here, strategy basically involves four elements – product, price, promotion, and distribution.īy appropriate combination of these four elements, the strategy can be formulated for each stage of the PLC.
A marketer should watch on its sales and market situations to identify the stage in which the product is passing through, and accordingly, he should design appropriate marketing strategies. Each of stages demands the unique or distinguished set of marketing strategies. Every stage poses different opportunities and challenges to the marketer. Product passes through four stages of its life cycle.
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