B Com Exam > B Com Notes > Marketing Management > Product Life Cycle - Product Planning and Market Strategies, Marketing Management
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Product Life Cycle
A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycleand is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
The product revenue and profits can be plotted as a function of the life-cycle stages as shown in the graph below:
Product Life Cycle Diagram
Introduction Stage
In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows:
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Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained.
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Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs.
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Distribution is selective until consumers show acceptance of the product.
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Promotion is aimed at innovators and early adopters. Marketing communications seeks to build product awareness and to educate potential consumers about the product.
Growth Stage
In the growth stage, the firm seeks to build brand preference and increase market share.
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Product quality is maintained and additional features and support services may be added.
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Pricing is maintained as the firm enjoys increasing demand with little competition.
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Distribution channels are added as demand increases and customers accept the product.
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Promotion is aimed at a broader audience.
Maturity Stage
At maturity, the strong growth in sales diminishes. Competition may appear with similar products. The primary objective at this point is to defend market share while maximizing profit.
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Product features may be enhanced to differentiate the product from that of competitors.
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Pricing may be lower because of the new competition.
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Distribution becomes more intensive and incentives may be offered to encourage preference over competing products.
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Promotion emphasizes product differentiation.
Decline Stage
As sales decline, the firm has several options:
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Maintain the product, possibly rejuvenating it by adding new features and finding new uses.
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Harvest the product - reduce costs and continue to offer it, possibly to a loyal niche segment.
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Discontinue the product, liquidating remaining inventory or selling it to another firm that is willing to continue the product.
The marketing mix decisions in the decline phase will depend on the selected strategy. For example, the product may be changed if it is being rejuvenated, or left unchanged if it is being harvested or liquidated. The price may be maintained if the product is harvested, or reduced drastically if liquidated.
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FAQs on Product Life Cycle - Product Planning and Market Strategies, Marketing Management - Marketing Management - B Com
| 1. What is the product life cycle and why is it important in product planning and market strategies? |  |
Ans. The product life cycle refers to the stages that a product goes through from its introduction to its decline in the market. It consists of four stages: introduction, growth, maturity, and decline. Understanding the product life cycle is essential for product planning and market strategies as it helps businesses anticipate changes in customer demand, plan for product improvements or extensions, allocate resources effectively, and develop appropriate marketing strategies for each stage.
| 2. How does product planning contribute to the success of a product? | |
Ans. Product planning plays a crucial role in the success of a product. It involves identifying customer needs, conducting market research, defining product features and specifications, setting pricing strategies, and determining distribution channels. Effective product planning ensures that the product meets customer expectations, stands out from competitors, and provides value to the target market. It helps businesses align their resources, reduce risks, and maximize profitability by delivering a product that meets market demand.
| 3. What are some key market strategies used during the growth stage of the product life cycle? | |
Ans. During the growth stage of the product life cycle, businesses employ various market strategies to capitalize on the increasing demand and market share. Some key strategies include:
1. Increasing distribution: Expanding the product's availability through additional sales channels and partnerships.
2. Enhancing product features: Continuously improving the product's features, quality, and performance to attract new customers.
3. Increasing promotion: Implementing aggressive marketing and advertising campaigns to create awareness and generate demand.
4. Adjusting pricing: Evaluating market conditions and competition to set competitive pricing strategies that capture market share while ensuring profitability.
5. Targeting new segments: Identifying and targeting new customer segments to further penetrate the market and expand the product's reach.
| 4. How can marketing management help in the different stages of the product life cycle? | |
Ans. Marketing management plays a vital role in each stage of the product life cycle. Here's how it contributes:
1. Introduction stage: Marketing management focuses on creating awareness, generating interest, and building demand for the new product through effective promotional activities and market research.
2. Growth stage: Marketing management capitalizes on the increasing demand by implementing strategies to expand market share, strengthen brand positioning, and differentiate the product from competitors.
3. Maturity stage: Marketing management aims to maintain market share by focusing on customer retention, brand loyalty, and product differentiation through strategies like pricing adjustments, customer relationship management, and product diversification.
4. Decline stage: Marketing management assesses the declining market demand and determines whether to revitalize the product, reposition it, or discontinue it. Strategies may involve cost-cutting, targeted promotions, or product extensions.
| 5. How do market strategies differ between consumer products and industrial products during the product life cycle? | |
Ans. Market strategies for consumer products and industrial products differ due to variations in target markets and purchasing behaviors. In general, consumer product strategies focus more on mass marketing, branding, and promotion, while industrial product strategies emphasize relationship-building, customization, and technical expertise. During the product life cycle, consumer product strategies may involve extensive advertising, packaging design, and retail partnerships to attract and engage consumers. On the other hand, industrial product strategies may focus on building long-term relationships with key clients, offering tailored solutions, and providing after-sales support.
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