Question

Explain the strategies to be adopted during the Introduction Stage and the Growth Stage of Product Life Cycle.

Answer 1

Product introduction strategies

Marketing strategies used in introduction stages include:

rapid skimming - launching the product at a high price and high promotional level

slow skimming - launching the product at a high price and low promotional level

rapid penetration - launching the product at a low price with significant promotion

slow penetration - launching the product at a low price and minimal promotion