Marketing Product Life Cycle: Give Your Product A Great Start
Extending your product through each stage of its marketing product life cycle increases your sales and profits.
If you’re a small business owner that extra profit can mean the difference in success or failure, a good business or a great one.
The first two stages breathe the most life into your profit potential and are the focus of this article.
Introduction (Birth) 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.
Just as you send birth announcements to let all your friends and family know about your new baby, you should send marketing messages to let everyone in your target market know about your new product.
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.
By limiting your marketing (birth announcements) to people that your research indicates are most likely to buy your new product, you’ll save money that it would cost to send your announcements to everybody.
After you have christened and promoted your baby product to the world, it’s time to nurture your product’s growth through childhood with a marketing growth spurt.
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.
Market segmentation will aid you in growing your product through this stage of the marketing product development cycle by:
expanding your customer base to include new target markets, determining which retailers provide the ideal match with your product, and researching which geographic locations offer the most new growth opportunities and which distributors best reach those locations.
Recommendations
Even though this article and many marketing experts present the marketing product life cycle as though it is definite and concrete, in reality products move through the marketing product life cycle differently, just as kids mature differently.
But unlike a child, you want your product to spend as much time as possible in the growth and following stages.
You can extend your products time in each of these stages by using market segmentation.
It provides research to successfully market your product through all stages of the marketing product life cycle.
There are several transition phases for every product. The first is the market study. It helps to formulate the business case. It is followed by product research and then by the production process. This accompanies the search for raw materials....
Brainstorming Ideas To Start Your Information Product BusinessWhen you make the decision to market information products on the \'net, your first step is conducting some niche research to see which target audience could provide you with a virtual goldmine of profits....
A Clickbank Product Review can Help in Determining Product SelectCould you searching for more and more ways to increase your money making ability using the internet. Welcome to the online world of information. There is information that people would like to know more about and you can offer it...
Start Your Affiliate Marketing Business This day!Most people to choose to work as affiliate marketers when they are planning to run their own business online. The number one reason for this is that the set up cost associated with affiliate marketing is very low. There is...
The 3 Easiest Ways For Newbies To Start In Affiliate MarketingThe affiliate marketing hype is enticing, and it seems so quickly achievable. If you just take your affiliate link and get some people to click on it, some people will buy the product and you get paid. And with the...