Stages Of Product Life Cycle In Marketing – WASHINGTON, NEW YORK and LONDON, August 7, 2014 /-USNewswire/ –As a leading provider of market research solutions, MarketResearch.com serves as an industry leader, providing insights into market research best practices through from the MarketResearch.com blog. In a recent post, MarketResearch.com discusses how organizations can adjust their market research strategy for each phase of the product lifecycle in order to market their products or services more effectively.

The product life cycle traditionally consists of four phases: Introduction, Growth, Maturity, and Decline. According to the MarketResearch.com blog post, when introducing a new product to the market, you need market research to help make decisions about where your product will go and how it will get there; who will buy; how much will you charge for it; and, most importantly, if someone wants to buy your product.

Stages Of Product Life Cycle In Marketing

During the Growth phase, organizations will need to start asking new questions to expand, as well as examining new competitors, potential new markets, and any changes in brand image. Once your product reaches maturity, its momentum will either climax or plateau. To help propel your product to greater success, you should focus your research efforts on competitive intelligence in hopes of acquiring some of your customer base.

New Product Development: Process & Stages

As your product or service begins to decline from its peak of success, your organization should evaluate a plan to pivot your product or business strategy. Determining which changes can positively impact your sales and analyzing your customers’ sensitivity to changes will help with revenue renewal potential.

For more detailed information about using market research during each individual step, visit the following blog posts:

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The Saturation Stage Of The Product Life Cycle [explained]

The Product Life Cycle describes the stages of a product, from launch to discontinuation. It is a strategic tool that helps companies plan the development of new products and refine existing products.

With so many marketing models to choose from, it can be difficult to know which is best to use in a specific situation. This free guide was created to help today’s marketers apply our pick of the most popular established frameworks to aid decision making.

The development phase of a new product occurs before the start of the product life cycle, consisting of market research leading to the product launch. Therefore, this step may include:

The four stages are shown in the table below, although the decline can be avoided by reinventing elements of the product. It is also recognized that some products never make it past the introduction stage, while others move through the life cycle much more quickly than others.

New Product Development & Product Life Cycle Stages

Our marketing template resources are designed to help marketers, managers, and business owners plan, manage, and optimize their marketing activities to improve performance and achieve their goals.

Product marketing managers must introduce their new product while it is relatively unknown and production is small. The price is usually higher because distribution is limited and the promotion is personalized.

At this point, it’s worth returning to the infamous statistic that 95% of new products fail. Therefore, planning is essential. We recommend planning your new product launch using the RACE planning framework.

Our enterprise member marketing solutions help define the types of communications, best practices, and optimization techniques across the RACE planning framework that maximize the lifetime value of your customers and products.

Product Life Cycle

Congratulations – your product is growing in popularity! As your market share increases, now is the time to focus your RACE objectives on market penetration and development, such as communicating product benefits and building the brand.

Since your product is being purchased in greater numbers and, with volume, the price decreases and profits increase. When scaling any business, keep in mind the practical implications for resources, summarized by Lilach Bullock in her blog 4 Essential Elements of a Scalable Business:

Escalate too quickly and you may suffer for not being prepared. Scale slowly or unevenly and you could find yourself stuck with employees you hired that you no longer need. Overall, you need to ensure that the growth rate doesn’t hurt you in the long run.

The product competes with alternatives and its price drops. Distribution becomes intense (it is available everywhere) and promotion focuses on differences from competitors’ products.

Stages Of The New Product Development Process

When managing differentiation strategy, DRIP is another marketing model featured in our essential marketing models guide. DRIP is an acronym for differentiate, reinforce, inform and persuade.

Reaching the end of its useful life, the product faces fewer competitors. The price may rise and distribution has become selective as some distributors have abandoned the product. The promotion aims to remind customers of its existence.

You can read more about each stage of the product lifecycle in our free guide to essential marketing models. Thousands of Smart Insights members are using our free resources to improve their marketing strategy skills and knowledge. Get started today.

In our free, illustrated guide with 15 classic planning model diagrams, we explain what they are and give examples of why and how to apply them in business.

Product Life Cycle Management Guide: What It Is & 4 Stages

When analyzing your business, you need to understand what stage your products or services have reached in your portfolio of all products that can be evaluated in terms of market share and growth using the BCG matrix model. Product portfolio review allows marketers to plan new products, reinvent existing products, or discontinue products that are in serious decline.

You can also relate digital marketing products and services to the popular diffusion of innovation model hype cycles.

This example shows how the yogurt product category evolved throughout the product lifecycle by remixing elements of the marketing mix. Examples of steps and how the PLC evolved are:

There are several strategies you can use to try to extend your product’s life cycle and avoid decline without radically changing it.

What Is The Product Development Cycle? The Basics [infographic]

The structure of your advertising and the physical appearance of your product should always be considered. Who is the target? How do you refer to the product? Adjusting your messaging and packaging and targeting different demographics can reinvigorate your product or brand. One of the best examples of this is Dollar Shave Club’s video ad, which presented its toiletry delivery service in a new, humorous light. To date, the video has nearly 30 million views and generated 12,000 orders in the two days following the video’s publication.

You can also evaluate the features of your product and the price at which it is being offered. You can then choose to reduce the price of the same product in an attempt to prolong its appeal by increasing its sense of value, or you can

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