The process of new product development
Every company must develop new products. New product development shapes the company’s future. Improved or replacement products must be created to maintain or build sales….
The process of new product development
Rationale Behind PLC
The theory of diffusion and adoption of innovation provides the underlying rational. When a new product is introduced, the company has to stimulate awareness, interest,…
PRODUCT LIFE CYCLE
The Product Life Cycle (PLC) is an important concept in marketing that provides insights into a product competitive dynamics. The product life cycle portrays distinct…
GROWTH STAGE:
The growth stage is marked by a rapid climb in the sale. The early adopters like the product, and the middle majority consumers start buying…
Introduction stage :
The introduction stage starts when the new product is launched. It takes time to roll out the product in several markets and to fill dealers…
Marketing Strategies during Growth Stage:
The firm improves product quality and adds new product features and improved styling. The firm adds new models and flanker products. It enters new market…
MATURITY STAGE:
At some time, a product’s rate of sales growth will slow down and the product will outer a stage of relative maturity. The maturity stage…
Product Modification:
Managers also try to stimulate sales by modifying the product’s characteristics. This can take several forms: a) A strategy of quality movement aims at increasing…
Marketing Strategies in the Maturity Stage:
In the maturity state, some companies abandon their weaker products, believing there is little they can do. They think the best thing is to conserve…
Market Modification:
The company can try to expand the number of brand users in three ways: a) Convert Non Users: The company can attract non users to…