Another important differentiation tool is image

Another important differentiation tool is image - and...

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Another important differentiation tool is image. There are various ways to achieve image differentiation depending on industry and market segment. Sponsoring of event and causes is one way building up image among consumers. As pointed out earlier, company’s strategy has to change according to the stage in the product life cycle . The product life has introduction stage, growth stage, maturity stage and saturation stage. In introduction stage focus is on establishing a foothold in the market space and consumer mind, through promotion, product trial and establishing distribution channel. In growth stage, sales are increasing and company is striving for the number one space. Strategies here consist of acquiring new customer, expansion brand line
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Unformatted text preview: and fighting of competition. • In maturation stage, growth is not explosive as before, there are no further distributors to add and sales start a decline. Here companies attempt to streamline product category, enter new markets and modify product feature as well as attributes. • In saturation stage, it is time for companies to review sustainability of product by conducting the cost benefit analysis and remove products, which are dragging on company’s profitability. Markets in which companies are operating too have similar phases as products. Companies have to analyze positioning and differentiating strategies at various stages of the product and market life cycle ....
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