Birth and Growth Through Your Marketing Product Life Cycle | Marketing

By LindaP.Morton
Total views: 36
Word Count: 610

Your product's marketing product life cycle is similar to a child's life. Getting either off to a good start makes a difference in how far they go in life and how much reward you reap.

If you are a small business owner that extra profit can mean the difference in success or failure, a good business or a great one.

Getting off to a good start in the marketing product life cycle requires marketing to breathe life into your product.

Introduction or Birth Stage of Marketing Product Life Cycle

Just as a new born baby needs your constant attention, your new product needs constant marketing. It also demands time and money without returning much but dependence.

When you have a new baby, you want to show it off. You want all your friends and family to observe how wonderful your new baby is. You should feel just as strongly about your new product.

Your primary marketing goal at this stage of your marketing product life cycle is to build demand for your baby product and to recoup your research and development costs. But because your product is so young, it is not popular yet. Demand is low, while prices are usually at their highest in this stage.

But you may want to keep prices low to encourage more people to discover your new product. Keeping prices low and offering promotions and incentives to attract initial customers helps you to attract your new product's greatest admirers and potential buyers. It separates them from everybody else and determines to whom you should direct your product's birth announcements.

By limiting your marketing (birth announcements) to people that your research indicates are most likely to buy your new product, you will save money that it would cost to send your announcements to everybody.

Once your target market members all know about your new product, you are ready for the second stage of your marketing product life cycle. This is a time when your new product and your marketing grow rapidly.

Child or Growth of Marketing Product Life Cycle

In this second stage, your product grows quickly because you market it to more distributors, retailers and customers.

You must assure that your target market gets to know and likes your new product. You need sustained marketing growth to help you sell more and increase your profits.

You want your marketing at this stage of the marketing product life cycle, to enlarge your product's support system. It needs to saturate your target market and assure that everyone in your target market knows about your product and how it can benefit them.

The best way to grow your product through this second stage of your marketing product life cycle is by using market segmentation. It will help you by:

expanding your customer base to include new target markets, determining which retailers provide the best match with your product, and researching which geographic locations offer the most new growth opportunities and which distributors best reach those locations.

Conclusion

Keep in mind that your product may not grow in the same way or at the same speed as other products. Like children, products grow differently. Don't expect every product to mature through the marketing product life cycle the same.

Although you don't want a child to extend childhood into their thirties, you do want your product to stay in the growth stage as long as possible. The more time it spends in this and the remaining two stages, the longer it will make you money.

You can use market segmentation to find ways to extend the life of your product.

Information revealed through market segmentation, improves your marketing through each stage of the marketing product life cycle.

About the Author

Read more about how to extend your marketing product life stages at Marketing Product Life Cycle: Adult Stage and Product Life Cycle:

You are here Articles > Business > Marketing