Products Life Cycles

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Marketing

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Running Head: PRODUCT LIFE CYCLES 1

Halolen Life Cycles

Institution Affiliation

Name

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PRODUCT LIFE CYCYLES 2

Since our product is new in the market, at the introduction stage we are going to set our

prices low. It will require a lot of efforts to create awareness for the brand, which is going to

incur high expenses to create and increase customer awareness. At this introduction stage, we do

not intend to make any profit but to establish a market and create high demand for our brand.

One of the strategies to achieve this will be through advertisement and promotions. Through

promotion towards our targeted channels, we will be able to educate the customer about the

product furthermore increase the confidence and brand preference (Wasson & Chester, 2012).

When the channels and customers become aware of the brand, the sales, and profit will,

increase the product will get into the growth stage. At this stage, the competition may get into the

market, which may result into negative impact in the growth stage of the product (Clark & Kim,

2009). To prevent this impact more effort will be required in marketing tactics. This will involve

increasing distribution points, more promotions to convince the customers the benefit and

advantages of the product over the others in the market. In addition, maintain the price at the

same level if the demand is high, or lower to capture more customers.

After the competition lowers, the product will be at its maturity stage. In this stage, the

company will increase the product as well make more profit since the product awareness is high

(Wasson & Chester, 2012). The firm will shift effort into converting competitor’s customer to

shift to our products and transforming non-users into customer. To avoid price competition

duplication of the product, we will lower the price and add more feature to our brand. In

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1 Running Head: PRODUCT LIFE CYCLES Halolen Life Cycles Institution Affiliation Name PRODUCT LIFE CYCYLES 2 Since our product is new in the market, at the introduction stage we are going to set our prices low. It will require a lot of efforts to create awareness for the brand, which is going to incur high expenses to create and increase customer awareness. At this introduction stage, we do not intend to make any profit but to establish a market and create high demand for our brand. One of the strategies to achieve this will be through advertisement and promotions. Through promotion towards our targeted channels, we will be able to educate the customer about the product furthermore increase the confidence and brand preference (Wasson & Chester, 2012). When the channels and customers become aware of the brand, the sales, and profit will, increase the product will get into the growt ...
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