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  7. Unit 1 - Marketing and people

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Summary Marketing Strategy
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Detailed notes explaining the different stages of the Product Lifecycle (development, introduction, growth, maturity, decline, extension strategies), how to use it, and the problems of using the product lifecycle. Also includes the product portfolio, the Boston Matrix, and marketing strategy for ma...

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  • September 27, 2020
  • 3
  • 2019/2020
  • Summary

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Theme 1 Topic 18
Marketing Strategy
The Product Lifecycle
Development Stage

 High Research and Development costs
 Zero sales as product hasn’t been introduced to market
yet

Introduction Stage

 Product launched – now available to customers
 High promotion costs

Growth Stage

 Sales gather momentum
 Promotion is crucial
 Profits arise due to an increase in output and possibly higher prices
 Competitors may begin to imitate the product

Maturity Stage

 Market becomes very competitive
 Marketing actions may be copied by competitors
 The time where most profit is made
 Pricing may become more competitive

Decline Stage

 Sales fall
 The market is shrinking, reducing the overall amount of profit that can be shared amongst the
remaining competitors
 Extension strategies may be introduced

Extension Strategies

 Extend the life of the product, usually introduced at maturity or decline stage. This may be done by:
 Advertising – try to gain a new audience or remind the current consumers
 Price reduction – more attractive to customers
 Product development – add new features to the current product
 Explore new markets – e.g. Google moving into China
 New packaging or modify the packaging – often used by soft drink manufacturers

Strategic Use of the Product Life Cycle

Introduction – pricing is the key element during in this stage. There are two possible options open to a
business regarding its price:

 Very low price – usually adopted for a new product entering a market. However, it is important to tell
the consumer that this is for a short period of time only.
 For more exclusive products or those new in the market, then a high price is set (price skimming)

Regardless of the price strategy, promotion and advertising are needed to help the customer recognise and
gain awareness of the product.

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