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Birth and Growth Through Your Marketing Product Life Cycle |
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Written by Linda P. Morton
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Tuesday, 22 April 2008 |
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When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each stage of your marketing product life cycle, the more money you make.
by LindaP.Morton
When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each stage of your marketing product life cycle, the more money you make.
For a small business owner, extra rewards mean more sales, greater profits, and a more successful business.
The first two stages breathe the most life into your profit potential and are the focus of this article.
Birth or Introduction Stage of Marketing Product Life Cycle
The introduction stage of your marketing product life cycle represents the birth of your new product with marketing giving it life. Like a child, your marketing in this stage, requires your time and money without giving much back.
You have to market hard to nurture your baby product. You have to show it off and emphasize how it benefits potential customers.
Your primary marketing goal at this stage of your marketing product life cycle is to build demand for your baby product and to recoup your research and development costs. But because your product is so young, it is not popular yet. Demand is low, while prices are usually at their highest in this stage.
You may want to delay recovery of development expenses in order to attract more customers. If you offer incentives to buy and promotions to attract new customers while keeping prices low, you can attract more potential customers from your target market.
If you were sending birth announcements about a new baby, you'd send them to your friends and family because they are the people most interested. You should do the same for your new product. Direct your marketing messages about your new product to target market members. They are the people most interested and most likely to buy your product.
Once your target market members all know about your new product, you are ready for the second stage of your marketing product life cycle. This is a time when your new product and your marketing grow rapidly.
Growth (Child) Stage of Marketing Product Life Cycle
In this second stage, your product grows quickly because you market it to more distributors, retailers and customers.
You must assure that your target market gets to know and likes your new product. You need sustained marketing growth to help you sell more and increase your profits.
You want your marketing at this stage of the marketing product life cycle, to enlarge your product's support system. It needs to saturate your target market and assure that everyone in your target market knows about your product and how it can benefit them.
The best way to grow your product through this second stage of your marketing product life cycle is by using market segmentation. It will help you by:
discovering more target markets for the product, differentiating potential retail partners to determine those providing the best fit with the product and determining the best geographic areas for new growth and the best distributors to reach those areas.
Summary
The marketing product life cycle only provides a model of how products and your marketing should grow. Products move through the cycle differently, just as children advance through life differently.
But unlike a child, you want your product to spend as much time as possible in the growth and following stages.
Market segmentation can extend the marketing product life cycle and the total life of your product.
It provides research to successfully market your product through all stages of the marketing product life cycle.
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