Product Life Cycle Marketing 1.

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Presentation transcript:

Product Life Cycle Marketing 1

Product Life Cycle The product life cycle represents the stages that a product goes through during its life. Marketers must adjust their product mix and their marketing strategies to ensure continued sales.

Product Life Cycle Stage 1: Introduction Promote consumer awareness Educate, Inform and encourage customers to try the new product Usually no or low profit Stage 2:  Growth Sales start to grow rapidly Competitors enter the marketplace Persuasive advertising may be used Prices may be reduced

Product Life Cycle Stage 3: Maturity Stage Sales slow down, Profits may start to fall Advertising costs at its highest to sustain growth Repeat customers may try a new product and stop buying New buyers may be difficult to attract Stage 4:  Decline Sales are steadily decreasing Product loses appeal Advertising is reduced Production may be stopped, decisions made to delete or keep the product with little or no marketing support

Product Life Cycle The product life cycle of a Barbie Doll Evolution of Coca Cola Evolution of Nike

Product Examples 1994 – Sony Playstation – Sony created a pure gaming system with PlayStation. The CD-ROM format let Sony sell PlayStation as an upscale piece of technology perfect for the college dorm room. By making games for adults, PlayStation helped the game industry balloon even larger. It was the first gaming platform to sell over 100 million units

Product Examples 1998 – MP3 Player Three years before Apple dominated the market with the iPod, SaeHan Information Systems introduced the MPMan in 1998 It had 64 MB of memory, enough for a whopping 18 songs. About 1 and a half albums. MP – stands for-MPEG – Motion Picture Experts Group 3 Stands for: Audio Layer 3. An audio compression format which compresses the sound to around 1/12 the original size of it's original format. 

Product life cycle video Project Work with a partner Identify a product older than 1999 Take product through each stage of life cycle Create PLC video for your product using iPad (use Barbie video & other YouTube videos as samples) Save/Download movie to iPad (see Mrs. Sterling next door for HELP) Submit video via email or SHARE with hvandyke@lcps.org

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