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प्रश्न
Explain the second stage of product life cycle.
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उत्तर
Growth Stage: In this stage, demand and sales increase rapidly, distribution expands, competition increases, and prices fall. The promotional focus switches from “buy my product” to “buy my brand”. The company grows sales by expanding market share in existing areas and entering new markets. Promotional expenses remain high but decrease as a percentage of sales turnover. As a result, profits increase. In some circumstances, significant product improvements may occur.
The following strategies may be adopted during the growth stage:
- Heavy advertising to create brand image and to stimulate sales.
- Expanding distribution channels to make the product available wherever it is demanded.
- Introducing new versions of the product to cater to the needs of different types of customers.
- Keeping the price at competitive levels.
- Greater emphasis on customer service.
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संबंधित प्रश्न
Which stage of Product Life Cycle has a greater emphasis on customer service?
Justify the following sentence for or against and give a reason:
Product differentiation is the main aim of branding.
Which stage of the product life cycle is marked by falling costs and rising revenues?
In which stage of product life cycle, the company takes decision whether to maintain, harvest or drop the product?
The strategy of selective distribution may be employed during ______ stage of product life cycle.
A high percentage of new products fail during this period of Product Life cycle:
Which feature is pertaining to Introduction stage of PLC?
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- Explain the stage of the Company's Product Life Cycle mentioned in the paragraph with the help of a diagram.
- Name the service to be offered by the Company in the next phase. Explain any two characteristics of Services.
- Suggest any two modern ways of marketing the concept of a product. Explain.
Explain the first two stages of product life cycle.
Explain the strategies to be adopted during the introduction stage of Product Life Cycle.
