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4 Product Life Cycle.pptx - To be successful… Unit: 3.3...

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Unit: 3.3 Decision making to improve marketing performanceSub unit: 3.3.4 Making Marketing Decisions: using the marketing mixTitle: Product Life Cycle (Theory)Learning Objective:To analysethe value of the product life cycle modelincluding extension strategiesSOLOlevelOneManyRelateExtendSuccessCriteriaIdentifytheelements of themarketing mixTheinfluencesonand effects ofchanges in theelements of themarketing mixTo analysehow the MMshould beconsidered forgoods andservices, bothindustrial andconsumerTo applyyourknowledge to aexam questionTo be successful…
Knowledge Check Questions1.What are the four factors of the Boston Matrix2.What are the benefits of a cash cow?3.What are the limitations of product portfolio analysis4.What is a laissez-faire leader?
Notices
Specification: 3.3.4 Making MarketingDecisions: using the marketing mix
Product Life Cycle (Theory)A theoretical modelwhich describes thestages aproduct goesthroughover its life
EXTENSION
EXTENSIONIntroduction-Price maybelow to initial sales.heavy promotion to create awareness. Lownumber of product variations launched.Growth-Price maybeincreased with popularity.New varieties and distribution methodsintroduced. Business must keep up with demandMaturity/saturation-Consider cutting price tomaintain demand, promotion slows as customersare aware of product, introduction of newcustomers slow down- focus instead on retentionand repeat purchaseExtension- this may need to be used to relaunchthe product to boost new growth. For example,slight modifications may be made to the designand packaging of a product to make it appear newor freshDecline- Further price reductions. Variety of

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Term
Spring
Professor
N/A
Tags
Marketing, Product life cycle management

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