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Product Life Cycle

A new product progresses through a sequence of changes from introduction to growth, maturity & decline. This sequence is known as the “Product Life-Cycle” & is associated with changes in the marketing situation, thus impacting the marketing strategy & the marketing mix.

Introduction Stage

In the introduction stage, the firm seeks to build product awareness & develop a market for a product. The impact on the marketing mix is as follows:

• Product :- Branding & quality level is established & intellectual property protection such as patents & trademarks are obtained.

• Pricing :- The pricing strategy maybe one of ‘low penetration pricing’ to build market share rapidly, or ‘high skim pricing’ to recover development costs.

• Distribution :- It is selective until consumers show acceptance of the product.

• Promotion :- It is primarily aimed at innovators & early adopters. Marketers seek to build product awareness & to educate......

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Approximate Word Count: 1514
Approximate Pages: 7 (250 words per double-spaced page)

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