What are the ways marketing executives manage a product's life cycle?
Answers
The ways that marketing executives manage a
product's life cycle are:
Marketing executives manage a product's life cycle three
ways.
First, product itself can be modified. It can be done by altering its characteristics, such as performance, product quality or appearance.
Second, market can be modified by finding new customers for the product, finding new way to increase a product's use among existing customers, or creating new use situations for the product.
Finally, they can re-position or change the image of the product using any one or a combination of marketing mix elements.
Some of the re-positioning action includes reaching a new market, reacting to a competitor's position, catching a rising trend, and changing the value offered to consumers.