MGT211 Introduction to Business Lecture 28. Product Life Cycle Introduction stage A stage when a new product is introduced in the market. There are one.

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Presentation transcript:

MGT211 Introduction to Business Lecture 28

Product Life Cycle Introduction stage A stage when a new product is introduced in the market. There are one or few manufacturers in the market.

Product Life Cycle Growth Stage Sale of the product will increase due to: Repeated orders of the old customers. New customers will also enter the market.

Product Life Cycle Maturity Stage Highest level of sales in the market because of awareness about the product. More sellers will also enter in the market.

Product Life Cycle Decline Stage Sale will start decreasing. At this stage, product will disappear from the market.

Use of Product Life Cycle in Decision Making Process Introduction Stage Marketers can dictate more of their policies. At this stage, customers of the product are venturesome (Who like to try new ideas). Marketers can keep the prices high because: Customer can afford to spend more money. High Cost. There will not be much profit at this stage.

Growth Stage Marketers will earn more profit due to: Small number of manufacturers Less Competition High Sales Use of Product Life Cycle in Decision Making Process

Maturity stage Marketers will: Reduce the price due to more competition. Spend money on research and development. Spend money to promote the brand name of the product. Marketers will also revise their marketing strategies. i.e. They will find new segments of the market for their product. Per unit profit might reduce at this stage.

Use of Product Life Cycle in Decision Making Process Decline Stage Marketers should sell the products to selective customers. At this stage, marketers will introduce innovations in the product to keep their sales high.

Branding Products Brand is a symbol, a sign, a type of writing, a color, a design or a combination of all these things to identify a product. Branding is a process in which any identification is suggested for the product. Brand Equity is the loyalty of the customers attached to the product. Brand awareness is the extent to which a customer knows or recalls the brand of the product.

Types of Brand Names National Brands A brand that is sold throughout the country. License Brands Seller buys the right to sell that brand in the market. Private Brands Manufacturers use the brand of some retailer while manufacturing the product.

Packaging and Labeling Packaging Dress of the product. Designing and making of the wrapper of the product. Labeling Part of package containing name, contents and name of manufacturer of the product is called a label.

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