What does this knowledge actually give us?
Posted: Sat Apr 05, 2025 6:12 am
Why should every marketing person be able to recognize which phase of the cycle their product is in?
Knowing the product and what phase of the cycle it is in is o betting database f great importance for efficient management of the company's development and decision-making processes.
allows you to properly position your product on the market in terms of price, promotion and distribution,
can help you increase profitability and maximize profits,
helps tailor marketing messages depending on the product life cycle phase,
helps keep the product on the market as long as possible,
in a crisis, it reduces the likelihood of making decisions under the influence of emotions.
What is worth remembering?
The product life cycle is different for different products . Their duration and order may vary depending on the industry, market situation, competition and many other micro and macroeconomic factors.
For example, it may happen that the decline phase begins after the growth phase, skipping the maturity phase (so-called fad). However, for some products the maturity phase may last "forever" (e.g. the steel industry), and for others only a few months (e.g. trending products on TikTok).
Additionally, it is important to study consumer reactions to changes in product quality and prices and sales and service methods. We need to know: who is/will be our existing/potential customer? What are their preferences? What is their price sensitivity? What are their problems and needs? etc.
Knowing the product and what phase of the cycle it is in is o betting database f great importance for efficient management of the company's development and decision-making processes.
allows you to properly position your product on the market in terms of price, promotion and distribution,
can help you increase profitability and maximize profits,
helps tailor marketing messages depending on the product life cycle phase,
helps keep the product on the market as long as possible,
in a crisis, it reduces the likelihood of making decisions under the influence of emotions.
What is worth remembering?
The product life cycle is different for different products . Their duration and order may vary depending on the industry, market situation, competition and many other micro and macroeconomic factors.
For example, it may happen that the decline phase begins after the growth phase, skipping the maturity phase (so-called fad). However, for some products the maturity phase may last "forever" (e.g. the steel industry), and for others only a few months (e.g. trending products on TikTok).
Additionally, it is important to study consumer reactions to changes in product quality and prices and sales and service methods. We need to know: who is/will be our existing/potential customer? What are their preferences? What is their price sensitivity? What are their problems and needs? etc.