B Com Exam > B Com Videos > Marketing Management > Product Life Cycle - Product Planning and Market Strategies, Marketing Management
Product Life Cycle - Product Planning and Market Strategies, Marketing Management Video Lecture | Marketing Management - B Com
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FAQs on Product Life Cycle - Product Planning and Market Strategies, Marketing Management Video Lecture - Marketing Management - B Com
| 1. What is the product life cycle? |  |
Ans. The product life cycle is a concept in marketing that describes the stages a product goes through from its introduction to its decline. These stages include introduction, growth, maturity, and decline. During each stage, different marketing strategies are implemented to address the changing needs and preferences of the target market.
| 2. What is product planning? | |
Ans. Product planning is the process of identifying and developing new products or improving existing ones to meet the needs of the target market. It involves conducting market research, analyzing consumer trends, and determining the features, pricing, and positioning of the product. Product planning also includes creating a roadmap for the product's development, launch, and ongoing marketing efforts.
| 3. What are market strategies in product planning? | |
Ans. Market strategies in product planning refer to the actions and tactics implemented to promote and sell a product in the target market. These strategies may include pricing strategies, distribution strategies, promotional strategies, and positioning strategies. Market strategies are developed based on market research and analysis to effectively reach and engage the target audience and maximize product sales.
| 4. How does product planning influence the success of a product? | |
Ans. Product planning plays a critical role in the success of a product. It ensures that the product meets the needs and preferences of the target market, resulting in higher customer satisfaction and sales. Effective product planning helps in identifying market opportunities, developing competitive advantages, and positioning the product effectively in the market. It also helps in minimizing risks and ensuring that the product is launched and marketed in a timely and efficient manner.
| 5. How can marketing management contribute to the product life cycle? | |
Ans. Marketing management plays a crucial role in managing the product life cycle. It involves developing and implementing marketing strategies at each stage of the product's life cycle to maximize its potential and profitability. Marketing management helps in creating awareness and generating demand during the introduction stage, driving sales and market share growth during the growth stage, sustaining market share and profitability during the maturity stage, and managing decline and product discontinuation during the decline stage. By effectively managing the marketing aspects of the product life cycle, marketing management contributes to the overall success and longevity of the product.
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Nov 16, 2024 Last updated |
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