As a marketing manager of an FMCG firm, how would you use the concept of Product Life Cycle to support your long-term strategy
Answers
Strategy during introduction stage
Low pricing and selective distribution.
Creating brand awareness by promotional activities.
Strategy during growth stage
Expansion of promotional activities and distribution channels to add more customers.
During maturity stage
New features may be added to counter competition.
Reasonable increase in pricing and expansion of distribution channels.
Promotion to tackle competition from other products.
During decline stage
Reduce the price and add new uses to revive old demand.
Stop further production and concentrate on launching new products.
In order for the manager to use the concept of PLC and extends the long term strategy he must use appropriate marketing tools and techniques for the same.
Explanation:
- The PLC is a strategy for business management and is a condition for which the product is sold and advertised and then moves through the various stages of its life cycle.
- The manager's goals are to reduce the time to market and improve the quality of the product and reduce the testing costs associated with the product.
- In order to extend the strategy for the long term the manager must use marketing campaigns and ads for potential clients and customers. Explore the trends of the market, adds new features focus on pricing and highlight the interests.
- Focusing on new product development and market testing are some of the methods that allow for the long term strategy of the company.
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- brainly.in/question/3425676 answered by Answers4u.