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Another similar marketing assignment.docx - 1 Product Life...

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1Product Life CycleDate: October 23, 2020
2Unique Marketing Characteristics:Following are the stages of the product life cycle for unique marketing characteristics aproduct requires:Stage 1 Introductory StageAt this stage, the marketing cost is relatively high. A company needs to offer a highermargin to the dealer and incentivize the customers to buy the product or use the service.Furthermore, a company has to spend a lot on advertisements, personal selling, andpromotions; in order to inform customers about its product or service and stimulate demand.This stage is also marked by the identification and correction of flaws in the product.Stage 2 Growth stageThis stage shows a significant increase in sales and profits. Competitors enter themarket. As competition is intensified, profits after touching the maximum begin decreasing.In this phase, more focus is laid on advertising and communication of competitive advantage,

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Term
Spring
Professor
NoProfessor
Tags
Marketing, Product life cycle management, stages of the product life cycle, Dealer margins

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