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BUS FP3030 McAndrewVanessa Assessment4 Attempt1

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Running head: PRODUCT LIFE CYCLE 1
Product Life Cycle
Vanessa McAndrew
Capella University

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PRODUCT LIFE CYCLE 2
Product Life Cycle
The product life cycle is the stages that the individual products undergo over time. The
stages are a popular framework for marketing. The products undergo the following four stages
which include, introduction stage, growth stage, maturity stage and finally the decline stage.
After a certain development period, the product is launched and introduced in the market. At this
stage, it gets more clients and grows, and ultimately, the market becomes stable, and the product
enters its maturity stage. The product is afterward overtaken by introduction and development of
superior rivals, enters its decline stage and then withdrawn from the market or rebranded and
introduced as a new product (Suh & Huppes, 2005). This essay will look at different marketing
tactics related to the four Ps of the marketing mix in different stages of the product lifecycle.
Tactics related to product
In the introduction stage, the need for quick profits is not a burden. The product is
advertised to establish awareness and create a market for it. At this juncture, product quality
level and branding are designed as well as intellectual property protected like trademarks and
patents are obtained. The product is continually tested to ensure superior quality. In the growth
stage, the product is improved and upgraded to suit the client’s needs and preferences. More test
is conducted to ensure that the quality of the product is not declining (Suh & Huppes, 2005).
Additionally, at this stage, the company may choose to maintain the product quality or add more
support services or features to win more clients.
In the maturity stage, the product tests and upgrading are ceased. The company should
now start researching on cost-effective means of production. At this juncture, the only way to
maximize profits is to cut on the production cost. Increasing price at this stage is impossible. In
addition to this, the product features may be improved to distinguish the product from other rival

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Running head: PRODUCT LIFE CYCLE Product Life Cycle Vanessa McAndrew Capella University 1 PRODUCT LIFE CYCLE 2 Product Life Cycle The product life cycle is the stages that the individual products undergo over time. The stages are a popular framework for marketing. The products undergo the following four stages which include, introduction stage, growth stage, maturity stage and finally the decline stage. After a certain development period, the product is launched and introduced in the market. At this stage, it gets more clients and grows, and ultimately, the market becomes stable, and the product enters its maturity stage. The product is afterward overtaken by introduction and development of superior rivals, enters its decline stage and then withdrawn from the market or rebranded and introduced as a new product (Suh & Huppes, 2005). This essay will look at different marketing tactics related to the four Ps of the marketing mix in different stages of the product lifecycle. Tactics related to product In the introduction stage, the need for quick profits is not a burden. The product is advertised to establish awareness and create a market for it. At this juncture, product quality level and branding are designed as well as intellectual property protected like trademarks and patents are obtained. The product is continually tested to ensure superior quality. In the growth stage, the product is improved and upgraded to suit the client’s needs and preferences. More test is con ...
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