Service Marketing Report, Discussions and Responses-

Week 1 Discussion

Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.(350)

The required length for your original posting is 350 words, and your reply should be a minimum of 250 words.

Responsess 1

Ravi jekka

Marketing is essential factors which is required for the product development as well as the product to be sold the customers and have a market value for the product in this particular time it is also important to know that the right strategy could only click in the market it helps the product to be sold at earlier than the competition. Cost production and other things has to consider when there is a price setting and this will be considering only making a point where it is required to be noted by the management during the product launch into the market.

 Many times will not consider this kind of factors such as a time of launching the product and the factors which can be related to the first time product into the market and how it will be sold and what kind of feedback should be collected from the customers. In the first stage of the product it is also important to know that there should be high amount of investment when there is a first stage of product development on the launch of the product. as a company and the market do not know where the product can go and how the product and success or it can be a failure.It is also important to note that the strategy which is opted in the first level can only make it possible to go to the another level and to have success in the market for the product because the stage where the initial product launch will happen and how they advertise it and how the market the product is important feature (Truptimayee, 2019).

 Most of the times it will be important to have a customer feedback and to give offers to the customers so that they can show interest in buying the product and with good performance of the product they will be giving a positive review to the other people as well which will be increasing the sales.

 

Along with it they should also make a proper strategy for the second third and fourth stage because 2nd stage will be giving a huge amount of profit if the product leaks in the market and 3rd stage in the maturity and The fourth stage decline stage would not give that much success and profits the company's so that they must be ready in the first stage itself regarding all the stages strategic planning and investment (Truptimayee, 2019).

Response:2  Bindiya Marneni

Introduction

A product life cycle is about how a product is taken care of from the beginning till the lifetime. The product life cycle is broken into various stages which are development, introduction, growth, maturity, and decline. Characteristics for each stage will be in response to the different needs of the product as it goes on through the life cycle. understanding the products will help the business owners and marketing people to address in each and every stage if the product is getting proper marketing strategies and no roadblocks are fallen in between the stages. 

Development Stage 

In the Development Stage, the product is just a design or an idea. In this stage more than the marketing the business owner will be focusing g on the product to become a product from design. The product producer will be the one who will be researching how to market the product and planning the intends to launch the product. The Marketing Strategy at this stage includes letting potential customers through marketing campaigns and special promotions.

Introduction Stage

The Introduction Phase is when the product goes into the market. As the product is new the sales are low and the marketing cost will be high as it requires a lot of machine and manpower to bring awareness of the product. During this stage, the marketing department ensures that they establish a market and demand for the product.

Growth Stage 

The Growth Stage is when Customers will be able to know about the product. Marketing strategies during this time will be focusing on making the product a brand and increase sales. During this stage of marketing involves the customers and showing them how good is the product and useful from them. And also letting them know why the product is better than the product in competition with them in the market.

Maturity Stage

At the Maturity Stage, the product gains its attention in the market. The marketing team starts keeping their effort in building loyalty with the customers. They also try to pull the other brand customers by giving them special promotions and discounts.

 

Decline Stage 

This is the stage where the product will not Attract any new Customers to make them buy the product in the market. During this time the focus will be to protect the brand image and stay positive.