Question

Marketing strategies at different stages of product life cycle conclusion

Answer 1

The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product's marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.

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