For example, suppose your company produces brightly colored apparel for teenagers active in skateboarding. To take advantage of the integrated marketing communications strategy, you may offer discount coupons for your clothing on soda cans. You may then create television and radio commercials to announce the promotion to your target market.
By coordinating your marketing efforts, your message can reach your prime customers through various channels and enhance your product's sales.
Evaluating the Product Life Cycle
· Identify the stages of the product life cycle
· Create a marketing mix using the four components of a marketing mix
· Product life cycle
A product life cycle is the series of stages a product can pass through after it has been introduced to the public. Since the opportunities and challenges differ from stage to stage, the marketing decisions you make will typically depend on the life cycle stage of your product.
Product life cycle stages:
· Introductory stage
· Growth stage
· Maturity stage
· Decline stage
You should use the product life cycle to determine when to introduce a product or service, when to modify it, and when to terminate the production. The four stages of a typical product life cycle include the introductory stage, the growth stage, the maturity stage, and the decline stage.
· Introductory stage
The first stage of the product life cycle is the introductory stage. This stage marks the initial presentation of a product or service to the market. Since consumers are not familiar with the new offering, companies often invest a great deal of time, money, and effort to encourage people to try it.
During the introductory stage, advertising campaigns and promotional events are created to attract not only customers, but also members of various distribution channels, such as retail stores, to offer a new product or service.
Keep in mind that profits are generally low to non-existent during the introductory stage because research, development, and promotional costs are incurred while sales efforts are slow to bring in revenue. Organizations typically view the introductory stage as an investment to establish the foundation necessary for future profits.
· Growth stage
The second stage of the product life cycle, for successful new offerings, is the growth stage. Sales for products or services in this stage rise dramatically because more consumers are making first-time purchases while initial customers are repurchasing a product or service. The growth stage is also the time when companies may begin to notice a return on their investment as the increased demand for the product or service generates more revenue.
By coordinating your marketing efforts, your message can reach your prime customers through various channels and enhance your product's sales.
Evaluating the Product Life Cycle
· Identify the stages of the product life cycle
· Create a marketing mix using the four components of a marketing mix
· Product life cycle
A product life cycle is the series of stages a product can pass through after it has been introduced to the public. Since the opportunities and challenges differ from stage to stage, the marketing decisions you make will typically depend on the life cycle stage of your product.
Product life cycle stages:
· Introductory stage
· Growth stage
· Maturity stage
· Decline stage
You should use the product life cycle to determine when to introduce a product or service, when to modify it, and when to terminate the production. The four stages of a typical product life cycle include the introductory stage, the growth stage, the maturity stage, and the decline stage.
· Introductory stage
The first stage of the product life cycle is the introductory stage. This stage marks the initial presentation of a product or service to the market. Since consumers are not familiar with the new offering, companies often invest a great deal of time, money, and effort to encourage people to try it.
During the introductory stage, advertising campaigns and promotional events are created to attract not only customers, but also members of various distribution channels, such as retail stores, to offer a new product or service.
Keep in mind that profits are generally low to non-existent during the introductory stage because research, development, and promotional costs are incurred while sales efforts are slow to bring in revenue. Organizations typically view the introductory stage as an investment to establish the foundation necessary for future profits.
· Growth stage
The second stage of the product life cycle, for successful new offerings, is the growth stage. Sales for products or services in this stage rise dramatically because more consumers are making first-time purchases while initial customers are repurchasing a product or service. The growth stage is also the time when companies may begin to notice a return on their investment as the increased demand for the product or service generates more revenue.