Three Different Products in Various Stages of the Product life Cycle

Marketing Strategies
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When organizations launch new products, typical such new products do not gain success immediately. The products have to go through various stages prior dying. All the stages set up what is called ‘the product life cycle’, which consists of five stages. The first stage is product development stage. The second stage is introduction stage. The third stage is growth stage. The fourth stage is maturity stage, and the last stage is decline stage. The product lifecycle has an impact on the profit and sales for the products. The product development is typically the stage in which a firm creates the product prior its launch on the market. In this stage, a company normally incurs a lot of expenses for the creation of products since sales are normally zero while profits are negative. This paper gives suggestions for viable marketing strategies for three different products in different stages of the product lifecycle.
The introduction stage is usually the time when a product is launched on the market. The Panasonic high-definition television is the introductory stage. In this stage, promotion (communication) can be used as a viable marketing strategy to create awareness and persuade consumers to try the product. During the introductory stage, the objective of the firm is to educate consumers about the benefits and values of the product by creating awareness and trying to reach potential customers. The company can use advertising techniques that include in-store demonstrations and information promotions to reach consumers and show how the product works. The company must have adequate distribution outlets to get the product to reach consumers.
The growth stage is the ph...