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Marketing Product Life Cycle: Give Your Product A Great Start

Apr 22, 2008
Extending your product through each stage of its marketing product life cycle increases your sales and profits.

If you are a small business owner that extra profit can mean the difference in success or failure, a good business or a great one.

Getting off to a good start in the marketing product life cycle requires marketing to breathe life into your product.

Introduction (Birth) Stage of Marketing Product Life Cycle

A new-born baby demands almost all of your time and much of your money. It needs your constant attention. A new product differs little. It needs constant marketing.

You have to market hard to nurture your baby product. You have to show it off and emphasize how it benefits potential customers.

Although demand is often low at this stage of your marketing product life cycle, you need to recover some of your product development expenses. Thus, many business owners charge more at this stage. This limits demand even further.

But you may want to keep prices low to encourage more people to discover your new product. Keeping prices low and offering promotions and incentives to attract initial customers helps you to attract your new product's greatest admirers and potential buyers. It separates them from everybody else and determines to whom you should direct your product's birth announcements.

Write and time messages announcing your new product. Direct those messages to your target market and concentrate those messages on the greatest benefits that your product offers target market members. You will reap far more profits that way than if you send marketing messages to everyone.

After you have christened and promoted your baby product to the world, it's time to nurture your product's growth through childhood with a marketing growth spurt.

Growth (Child) Stage of Marketing Product Life Cycle

As your marketing grows, you must continue to win more customers, retailers, and distribution avenues.

The more from your select group of businesses and customers who support your new product, the faster you can start getting a return on your investments. Thus, this second stage requires growing your marketing so you can start earning profit.

Your marketing goal at this stage of the marketing product life cycle is to introduce your child product to as many target market members as possible. You want them to see how your product can benefit them.

The best way to grow your product through this second stage of your marketing product life cycle is by using market segmentation. It will help you by:

determining what new target markets are likely to want and need your product, selecting new retailers who are a good fit with your product, and expanding your geographic reach with new distributors.

Recommendations

The marketing product life cycle only provides a model of how products and your marketing should grow. Products move through the cycle differently, just as children advance through life differently.

Although you don't want a child to extend childhood into their thirties, you do want your product to stay in the growth stage as long as possible. The more time it spends in this and the remaining two stages, the longer it will make you money.

You can extend your products time in each of these stages by using market segmentation.

You can use market segmentation research to enhance your marketing in every stage of the marketing product life cycle.
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Read more about how to extend your marketing product life stages at Marketing Product Life Cycle: Adult Stage and Product Life Cycle:
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