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Paper Topic:

PRODUCT LIFE CYCLE ANALYSIS

Running Head : Life Cycle Stages

Product Life Cycle : Stages and Marketing

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Product Life Cycle : Stages and Marketing

There are four cycles in a product 's life : introduction , growth maturity , and decline . Production , pricing , distribution , and marketing all differ depending on which stage the product is in . Each cycle will be defined with an example product and its marketing methods examined

Introduction

A product in the introduction stage is at the beginning of its cycle and usually starts with development , then intellectual property protection

br such as the obtainment of trademarks and patents . The goal in this stage is to build market share and many times the price is higher now than it will be in later stages due to increased production and development costs in relation to low sales . Distribution is usually limited until there is an increase in market share . Promotional efforts seek to create demand through education of consumers and the building of product awareness oftentimes they are experimental to test the waters via consumer feedback . Such efforts are aimed at innovators in the industry to which the product belongs . There is little , or no , competition at this stage

The Wii Fit game would be considered a product in the introduction stage . This innovative product has only been available to consumers for several weeks and there is nothing else on the market like it - virtually no competition . The price for this game , at 89 .99 , is relatively high when compared to other games or other console systems such as Xbox 360 or Playstation 3 games which tend to run around 50 - 60 . Nintendo used a marketing strategy of promoting this game as a fitness program which anyone can use to tone up and slim down . The target market is parents of sedentary children who show interest in little other than video games and adults who wish to get into shape in the privacy of their own home . There are currently no promotional devices in place for the Wii Fit , since it is a new product without competition and has already experienced good demand

Growth

After the introduction of a product , the next stage , growth , focuses on increasing market share and creating brand preference . Oftentimes , new features are added to the product and support services for users are touted . Increasing demand for the product means that pricing levels generally stay the same or are lowered due to the increase in sales volume . The production company begins to see a profit while distribution channels are added to meet increased sales . Marketing efforts begin to reach out to a broader consumer base and respond to competition

The smart car is clearly in the growth stage in the United States market . Its introduction to this country occurred earlier in the year when it was offered for the first time , with an overwhelming response from the target market of young professionals , commuters , recent graduates , and empty-nesters . The smart car received new features specifically aimed at the American consumer and...

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