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Product Life Cycle, Effective Communication, Customer Value Hierarchy, Modes of Entry into Foreign Market

   

Added on  2022-12-30

6 Pages1056 Words76 Views
Marketing Management

Table of Contents
INTRODUCTION ..........................................................................................................................3
MAIN BODY...................................................................................................................................3
Product life cycle ........................................................................................................................3
Steps in developing effective communication ............................................................................3
Product levels in customer value hierarchy ................................................................................4
Modes of entry into foreign market.............................................................................................4
CONCLUSION ...............................................................................................................................5
REFERENCES................................................................................................................................6

INTRODUCTION
Product life cycle is a sequence or process which starts from the time when it is launched
into the market till the product is discontinued. The product life cycle consist of introduction,
growth, maturity and decline. In the further report light will be put upon stages of product life
cycle, the steps in developing effective communication. Also discussion will be done on product
levels in customer value hierarchy and also different modes of entry to foreign market will be
determined.
MAIN BODY
Product life cycle
There are basically four stages in product life cycle which are as follows:
Introduction stage – It is the first stage as in this stage the product is launched into the market.
The cost incurred in this stage is generally high and less profits are made in this stage. The
competition is low at this stage. The demand of the product is not so much at this stage. The
marketing strategies developed at this stage are product awareness and reaching new potential
customers.
Growth stage – It is the second stage when the customers accept the product and it begins to
sell. In this stage the profit tends to grow and the cost is reduced due to economies of scale.
Public become aware about the product and competition begins to rise and this lead to decrease
in prices (He, Luo. and Huang, 2019). The marketing strategies developed at this stage is
keeping the pricing high and increasing the profit. The marketing message is product preference.
Maturity stage – it is the third stage and sales tend to hike up. The demand is strong and many
competitors enter the market therefore to stay competitive the organization tend to reduce the
prices. The marketing strategy developed at this stage is product differentiation.
Decline stage – The last stage is decline in which the product reaches its saturation point and the
competitors take away certain proportion of the market and sales decreases as a result. The
marketing strategy that should be developed is adopting new advertising strategies and reducing
the prices of product, exploring new markets.
Steps in developing effective communication
There are five stages in developing effective communication such as :

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