Sport Product and Service Live Cycle

The Sport Product and Services Life Cycle Author’s Name Institutional Affiliation Course Code and Name Professor’s Name Date The Sport Product and Services Life Cycle The concepts that focus on the offers in the sports industry are known as the sports product and service life cycles, a concept similar to the idea of product life cycle. The concept provides a platform that helps marketers in the sports industry understand the different phases of sports marketing, such as development, decline, and maturation, linked to the sector through age (Woitsch et al., 2022). In light of this, the essay uses real-life and popular brands such as Kia and Puma to examine the life cycle concepts of sporting products in the sports industry. Product and Services Life Cycle and Phases in Sports Introduction, growth, maturity, and decline are the four main product and service life cycle phases. Each stage in the sports product and service lifecycle represents distinct tactics, obstacles, and opportunities. Introduction Phase In the industry, a sports apparel or service is first introduced in the market in the introduction phase. It involves a company making significant R&D investments to ensure that a product or service is competitive, has a cutting edge in the market, and can fully solve customers’ needs (Markard, 2020). At the same time, the introduction stage will involve implementing marketing initiatives that provide the marketing team with a platform to increase the product or service’s visibility among the target audience. An example where the stage was conspicuous is when Puma introduced the LQDCELL shoe brand (Rossmann, 2021). The company’s product is currently in the introduction phase. Puma is making considerable investments in designing state-of-the-art technology and modern design to satisfy the deman...