Marketing

The Life Cycle of a Product and Its Importance in Marketing

Marketing

Knowing how the product life cycle works in marketing will help you further recognize the importance of marketing to your business. It is that you cannot sell something, without first knowing. What are the stages through which that something must pass?

If you wanted to know what marketing is for, another answer is to be able to plan, design and execute the launch of your products or services:

1. Launch

In this phase, what is require to be able to acquire new skills, characteristics and strategies? That can modify the perception that a certain market has regarding a specific product or service.

Venture

Few are the people who dare to venture when buying something new and depending on how capable they are of perceiving the real benefits of something, they decide to make a purchase decision.

Materializing Objectives

That is why in marketing it is essential to be able to define and establish what those benefits will be of what intend to be sell and launched on the market. As well as selecting those, that could materialize the proposed objectives.

Therefore, in the launch stages, in general, company’s expectation is a lot of work. On really externalizing the benefits that are perceived by the public.

Best-Selling Products

This was the case with the launch of the Motorola mobile phones. The brand wanted to renew the appearance of one of its classic and models, but this time it completely removed the buttons from the model and added a touch screen that is capable of folding.

New Markets for Products or Services

Would you buy that mobile without first having seen a campaign that showed you that there is no risk in folding the screen?

Most likely not, which is why it is so important to make sense of this stage of the life cycle.

If a company, brand, or business is capable of renewing any of its products or services. It is capable of conquering new markets. And gaining even more loyalty from those customers. Who are already frequent?

This case also applies to the launch of new car models on the market; a car can have different versions with improvements depending on the year, for example.

2. Growth

For this stage, the product or service is already included in the market and generates sales thanks to the effective actions of its marketing departments. Therefore, there is demand for the same production since there are consumers who want to have it.

This is how growth arises, since at first there were few people. Who agreed to buy this mobile model taking into account the previous example?

In addition, once they have served as a testimony that failing. The screens can fold carefully and there are no major risks. It is then that other people take the step of agreeing to a purchase.

This can only happen if brands and companies educate their potential customers well about what they sell, since no one can buy or try something that they do not know.

3. Maturity

It is the stage of greatest stability in the life cycle of a market, at this point, there are already buyers who are loyal to the brand, the competition has stable but controllable income, there is already a stable line in the sales of the same product and there are even customers recommending its acquisition.

In the event that the product or service requires an improvement. It means that it would give rise to a new sales cycle.

4. Slope

Changes are inevitable, what is new today we will displace by new global updates. This applies to products ranging from hair care to household items.

It creates new needs in consumers, so the shampoo that you may like today may have improvements in its formula tomorrow.

On the other hand, the toothbrush you use today tomorrow may be available in a larger and electric version.

That is when the decline stage begins, where that product or service has reached maturity and is no longer valid within a market.

Conclusion

Therefore, there is a need to create a new life cycle of the same market. It is one of the most attractive marketing concepts you will see on the internet.

Tech Time Daily

You may also like

Leave a reply

More in Marketing