3.01-B Product Life Cycles
Intro What is a product that has been around for as long as you can remember? How has it changed over the years?
Product Life Cycle Product Life Cycle represents the stages that a product goes through during its life. There are 4 Stages of Life Cycle : Introduction Growth Maturity Decline
Product Life Cycle What are the goals of the Introduction Stage? To increase product awareness Get the customer’s attention through promotion Special promotions During the Growth Stage: Customers are aware of product, sales increase Companies focus on customer satisfaction Competition starts from other companies
Product Life Cycle What happens during Maturity Stage? The product’s sales level off. More money is spent on competition during this stage. During the Decline Stage: Sales start to decline. A company must decide to alter the product, discount, or discontinue product.
Product/Service Management (PSM) Unit 3.01 “Gum for THEM” Students worked in groups of three of the same sex. They had to create a brand new pack of gum for the opposite sex. Create an in depth 10 question survey to better determine what type or gum will best interest the opposite sex. Based on their results create a pack of gum and make a mock up. Create it’s flavor, its packaging Position the product / image What’s the predicted life cycle? The MOST appealing gum will get CANDY on Friday!
3.01-C Technology in Product/Service Management
Applications of Technology in Marketing: 1. Point-of-Sale Systems Interactive Touch Screen Computers Interactive TV Customer Relationship Management Enterprise Resource Planning Systems Internet
Technology in Product/Service Management Point of Sale Scanners at cash registers, touch screens, hand-held devices at checkout Interactive Touch Screen Computers Kiosks Interactive TV When TV is like a computer – order movies, click for recipes, order food
Technology in Product/Service Management CRM- Customer Relationship Management A customer can track an order. The CRM or business can track customer satisfaction ERP – Enterprise Resource Planning Software that allows all parts of the company’s management to be integrated Internet WiFi Search Engines E-commerce
Technology in Product/Service Management Interactive TV helps marketers to develop a database of their uses This data base analysis helps see the customer’s reaction to products They are testing interactive TV for promotion
Product/Service Management (PSM) Unit 3.01 “Gum for THEM” Students worked in groups of three of the same sex. They had to create a brand new pack of gum for the opposite sex. Create an in depth 10 question survey to better determine what type or gum will best interest the opposite sex. Based on their results create a pack of gum and make a mock up. Create it’s flavor, its packaging Position the product / image What’s the predicted life cycle? Incorporate technology in PSM? The MOST appealing gum will get CANDY on Friday!