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Marketing Product Life Cycle: Birthing and Growing Your Product

When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each stage of your marketing product life cycle, the more money you make.

Extra sales and profit can boost your business from a good one to a great one, or maybe even from failure to success.

The first two stages breathe the most life into your profit potential and are the focus of this article.

Introduction or Birth Stage of Marketing Product Life Cycle

The introduction stage of your marketing product life cycle represents the birth of your new product with marketing giving it life. Like a child, your marketing in this stage, requires your time and money without giving much back.

You have to market hard to nurture your baby product. You have to show it off and emphasize how it benefits potential customers.

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.

You may want to delay recovery of development expenses in order to attract more customers. If you offer incentives to buy and promotions to attract new customers while keeping prices low, you can attract more potential customers from your target market.

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.

Growth or Child Stage of Marketing Product Life Cycle

This stage equates to childhood, the time of greatest growth. Part of that growth comes from marketing to more retailers, distributors and customers.

The more from your select group of businesses and customers who support your new product, the faster you can start getting a return on your investments. Thus, this second stage requires growing your marketing so you can start earning profit.

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.

Market segmentation will aid you in growing your product through this stage of the marketing product development cycle 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.

Recommendations

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.

The difference between a child and your product is that you want your product to spend as much time as possible in the growth stage of the marketing product life cycle. The longer it is in this and following stages, the longer its life becomes.

You can extend your products time in each of these stages by using market segmentation.

You can use market segmentation research to enhance your marketing in every stage of the marketing product life cycle.

Article Source: http://www.uberarticles.com/articles

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