After a product has already been commercialized, several strategies are applied to it in hopes that consumers will stay interested. Product life cycle strategies include several stages. These can be quality improvements, price management, upgrades, new features, etc. Introduction, growth, maturity, and decline are the four stages of the product life cycle. Each step corresponds to a shift in the product’s marketing positioning. To try to extend the life cycle of your products, you may utilize a variety of marketing methods at each step. Among the marketing methods utilized in the initial phases are: fast skimming – introducing the product at a high price and with a high degree of marketing. Slow skimming entails releasing the product at a high price with little advertising; quick penetration entails launching the product at a cheap price with a lot of promotion. Slow penetration entails offering a product at a low cost with little advertising. You should attempt to build a clear brand identity and engage with the proper partners to market your product during the introduction stage. Set up consumer studies, or supply samples or trials to important target customers, and price the product or service as high as you think you can sell it for, but still reflecting the degree of quality you’re giving. You might also try to target a certain sort of customer with your product or service; being choosy can help to increase demand. The last stage of the product life cycle strategies is the maturity stage and many businesses find it good to modify the product at this stage in order to fit with the new demands.
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