Linking product strategy to its cycle
Posted: Sun Dec 22, 2024 10:42 am
In general, it is necessary to prepare a strategy in advance, in parallel with the development of the product. If the product is already on the market and the task is to promote it, then it may be necessary to change the product strategy. Then much will depend on the life cycle of the product and the position it currently occupies in this scheme.
Market launch
The introduction stage is the moment japan phone number when the product goes on sale. Few people know about it yet, some see it for the first time, and some have never even heard of it. Therefore, sales at this stage are minimal.
To increase them, you should focus on customers who are always interested in new products. They love to learn and try everything before others, and are almost always loyal. Therefore, actively describe new products in advertising, tell the audience about their unique properties, how to use them, and where they are sold.
Growth stage
It begins after a stable demand for the product has appeared. As a result, sales grow and you can safely begin to develop additional markets. But at the same time, competitors also have similar products, so it is very important to diversify, stand out from competitors, replenish the range with new items, and modernize the production base.
Linking product strategy to its cycle
Stage of maturity
It comes at a time when sales have reached their maximum, and after that they gradually began to decline. In the period when demand for the product is still stable, it is advisable to stay longer. Pull in more new customers, and push old ones to buy from you again.
Here's what you can do here as part of your product sales strategy:
offer loyalty programs that will encourage repeat purchases;
talk about new use cases for the product to attract the attention of potential customers;
make people buy more often by changing the packaging or creating a greater need for the product;
improve the quality characteristics of the product, change the packaging, apply differentiated service and thereby expand the introduction of the product.
Period of decline
The final stage of the product life cycle is the decline of consumer interest in it. The bulk of those who want the product have already purchased it, the market is filled with more modern new products, and sales are falling. Here the company faces the goal of minimizing expenses. Three options can be proposed:
As part of a product's competitive strategy, take steps to improve its characteristics (in comparison with competitors' analogues). Then, perhaps, it will be possible to push rivals out of the market.
Maintain existing sales figures without trying to increase them. And at the same time try to reduce production costs in order to increase profits.
Do not produce or purchase this product anymore. You can also offer other companies to buy this right.
Market launch
The introduction stage is the moment japan phone number when the product goes on sale. Few people know about it yet, some see it for the first time, and some have never even heard of it. Therefore, sales at this stage are minimal.
To increase them, you should focus on customers who are always interested in new products. They love to learn and try everything before others, and are almost always loyal. Therefore, actively describe new products in advertising, tell the audience about their unique properties, how to use them, and where they are sold.
Growth stage
It begins after a stable demand for the product has appeared. As a result, sales grow and you can safely begin to develop additional markets. But at the same time, competitors also have similar products, so it is very important to diversify, stand out from competitors, replenish the range with new items, and modernize the production base.
Linking product strategy to its cycle
Stage of maturity
It comes at a time when sales have reached their maximum, and after that they gradually began to decline. In the period when demand for the product is still stable, it is advisable to stay longer. Pull in more new customers, and push old ones to buy from you again.
Here's what you can do here as part of your product sales strategy:
offer loyalty programs that will encourage repeat purchases;
talk about new use cases for the product to attract the attention of potential customers;
make people buy more often by changing the packaging or creating a greater need for the product;
improve the quality characteristics of the product, change the packaging, apply differentiated service and thereby expand the introduction of the product.
Period of decline
The final stage of the product life cycle is the decline of consumer interest in it. The bulk of those who want the product have already purchased it, the market is filled with more modern new products, and sales are falling. Here the company faces the goal of minimizing expenses. Three options can be proposed:
As part of a product's competitive strategy, take steps to improve its characteristics (in comparison with competitors' analogues). Then, perhaps, it will be possible to push rivals out of the market.
Maintain existing sales figures without trying to increase them. And at the same time try to reduce production costs in order to increase profits.
Do not produce or purchase this product anymore. You can also offer other companies to buy this right.