Menatl ilness
Mrmario973
TheProductLifeCycleJasonDawley.pptx
Mental Illness
SOC/315
Mario Orellana
Adam Wiest
Jason Dawley
February 28, 2020
Five Step Marketing Research Approach
Slide 3-4 What is The Product Life Cycle
Slide 5-6 Why is the Product Life Cycle Important to Marketing Managers
Slide 7 Describe the Selected Company Target Market
Slide 8 Describe How Brand Equity can be used to Create a Positive Customer Image of the Product
Slide 9-13 Describe How Each Stage of the Product Life Cycle and Analyze the Implications Each Stage Has on Pricing
Slide 14 References
What is the Product life cycle
Much Like People, Products are viewed as having a life cycle. Below are the four product life cycles.
Introduction Stage
A new product has just been developed and is introduced to it’s target market
Growth Stage
Product has been on the market and the product has gotten some attention but is still growing
3
What is the Product life cycle
Maturity Stage
Product has been in the market for sometime now, and sales in the total industry are starting to slowdown
Decline Stage
Is when the sales of this product drops
It is important for marketing managers to know which stage of the product cycle that the product is in so they know the right way if any to market their product and if they should even continue producing it.
4
Why is the product life cycle Important
There is no set time line for a products life cycle but it is extremely important for marketing managers to understand where in the lifecycle their product is at any given time
High learning products tend to have a slower time growing because the consumers have to learn how to use it and then slowly decline as new technology arrives
Low learning products grow very quickly and tend to decline slowly over time
Fashion products tend to go up, down and then back up again as the trends fluctuate
Fad products tend to have a short life cycle growing very rapidly and then declining rapidly as well
5
Why is the product life cycle Important
It is vital for the marketing manager to know exactly where there product is on the product life cycle because if they invest money into advertising or producing a large amount when the product is declining they will probably lose a large amount of money on advertising and production and will not be able to recapture that money back because of declining sales
6
Apple Iphone XS
Apple Iphone XS was released in September of 2018
Apple Iphone XS is the newest model Iphone that replaced the Iphone X which was released in September of 2017
Target Market is a wide age group of consumers who are looking for the latest in cell phone technology.
The product will be presented to the target market as the most powerful, capable and easy to use cell phone on the market
It will have the most powerful and fastest processor
Have the most capable easy to use camera
The largest memory available
Have the largest available application store
7
Brand Equity
Brand Equity is vital to maintain and attract new customers
The Apple name represents the best, highest quality, and longest lasting cell phones on the market
The Apple brand has been around since 1977 when the first Apple computer was released.
The best multi-touch smartphone, the first Iphone was released in 2007
By Apples long history of having extremely reliable and state of the art products they have developed an unsurpassed name brand that produces extremely high quality products. This makes a large amount of cell phone users willing to continue to buy their products even when their current cell phones are still working. They are willing to pay the continuing to rise prices to get the latest and best product.
8
References
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