Advertisements
Advertisements
Question
Explain the strategies to be adopted during the growth stage of the Product Life Cycle.
Advertisements
Solution
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 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.
APPEARS IN
RELATED QUESTIONS
Which stage of the product life cycle is marked by falling costs and rising revenues?
In declining stage of PLC, which tool would be more preferred?
A high percentage of new products fail during this period of Product Life cycle:
AB Visions Ltd. want to introduce a new variety of reading glasses where the vision can be adjusted according to the user's requirement. Explain the first two stages in the life cycle of this product.
What happens to a product in the decline stage of its life cycle?
You are the Marketing Manager of a fast moving consumer goods (FMCG) company and you find that one of your products, a washing detergent, is in its grown stage. Describe the steps that you would take to increase your sales in this stage.
How is the product life cycle advantageous?
Explain the maturity stage of the product life cycle.
Explain the decline stage of the product life cycle.
Explain the strategies to be adopted during the introduction stage of Product Life Cycle.
