Sustaining Product Sales Chapter 30. The product life cycle The concept of product positioning The purpose of category management Ch 30.2 Sustaining Product.

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Presentation transcript:

Sustaining Product Sales Chapter 30

The product life cycle The concept of product positioning The purpose of category management Ch 30.2 Sustaining Product Sales What you’ll learn…

Product Life Cycle Represents the stages that a product goes through during its life At each stage, marketers must adjust their product mix and marketing strategies

Introduction Stage Product is introduced to the market Efforts focused on promotion and production Least profitable stage

Growth Stage The product is enjoying success Increasing sales and profits Competition is aware and is offering new products to compete

Maturity Stage Sales level off or slow down Most of target market owns product Spend a great deal of time and money in efforts to fight off the competition Decide whether to continue to improve the product to gain additional sales

Decline Stage Profits may be smaller than cost Sell or license the product Recommit to the product line Discount the product Regionalize the product – restrict sales of a product to certain local areas. Modernize or alter the product offering

Product Positioning – the IMAGE a product projects The goal is to set the product apart from the competition. “The way you get into your customer’s mind.” The efforts a business makes to identify, place, and sell its products.

Positioning by Price & Quality Offer economy, mid-priced, and luxury lines

Positioned by Features & Benefits Unique characteristics

Positioning in Relation to the Competition

Positioning in Relation to Other Products in a Line

Category Management Managing product categories as individual business units. Category managers are responsible for all of the profits or losses for one specific product line. Manufacturers can customize this category’s mix, merchandising, and promotions.

Category Management Planogram – A computer-developed diagram that shows retailers how and where products, within a category, should be displayed on a shelf at individual stores. Provided by the manufacturer to help the retailer.

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