Marketing strategies to be used in of Product Life Cycle

^{1.Marketing strategies for introduction stages}

^{Introduction stage is the begging stage in product life cycle where a product is new in the market. In this stages a product takes time to get acceptance in the market. Sale growth tends to be very slow in this stage. Specially when it comes to expensive and innovative product which the customer are not familiar with, customer may take more time to show their interest in buying the product.}

^{The most effective marketing strategy to be used in this stage is pioneer brand which means be first in the market. When a company is deciding to enter in the market with a new and innovative product they must decide about a proper time to enter the market, there is always an advantage of entering the market first. And if it decide to enter the market later, it must ensure that it brings superior technology, advance quality and brand.}

^{Most of the studies indicate that the market pioneer gains the most advantage, companies such as coca cola, hallmark, Amazon developed sustained the market dominance. Carpenter and Nakamoto had found that 19 out of 25 companies who were market leaders in 1923 were still market leaders in 1983.It is also found that the companies who pioneer in the market sustain in the market for the longer period compared to the follower companies.}

^{2.Marketing strategies for growth stage}

^{This stage experience a rapid growth in sale and profit. Acceptance in the market increases. New competitors enters the market with the similar kind of product with some addition features and benefits. Price of the product decreases with the increase in the demand, cost of promotional activity reduce in this stage compared to the introduction stage as customer aware about the product.}

^{Following strategies required to be used in this stage:-}

^{Increase the expenditures on advertising expense: As this stage lot of opportunities to increase it market share, sale as well as the profit share so it requires a large amount of expenditure to be included with the advertising.}

^{Set higher price for the product: at this stage the product sales is constantly increasing so there is an opportunity to make higher profit simply by charging higher price for the product. Many business struggles to grow at a faster rate at this stage not because of its low product quality, it is because of its low product pricing.}

^{Follow a unique culture to attract: Number of competitors increases n this stage, there are chances that they may replicate the process and steal the customer of your but culture cannot be steal, it is difficult for them to compete if your position is based on your operations.}

^{Increase market coverage: As the product demands are tend to increase in this stage a company should also think to increase its coverage in the market to compete in the market. It should analyze the profit potential of different market and according to that it should increase it coverage.}

^{3.Marketing strategies for Maturity stage}

^{This is the point where the rate of sale growth is slow. This stage last longer than the previous stage. The sales slowdown creates overcapacity in the industry, which leads to intensified coverage competition. Competitors scrambles find niches. They engage in frequent markdowns. They increase advertising and trade promotions. At this stage some companies abandon the product which is not able to generate more sale and concentrate on more profitable products.}

^{Following  market strategies required to be used in this stage:-}

^{Market modification: This stage requires a expansion of market for its  mature brand by working with factors which may make up sales volume. It tries to attract non users into user of the product by expanding its market to new geographical areas. Companies tries to add new advantage to the product and convenience  the customer to use it.}

^{Product modification: When nothing works than the company decide to add new characteristic to the product by improving its quality style and features to the existing product. Improvement in quality of the product aims at increasing the function as well as performance of the product. A company can always overtake competitions by launching a new  and improved product. This strategy is effective in order to extend the product life cycle.}

^{Marketing mix modification: Its is also very essential to modify the marketing mix in the maturity stage, marketers often debate about the marketing tools to be used in this stage. Changes often made in price, distributions channels, advertising tools, services etc.}

^{4.Marketing strategies for Decline stage}

^{Sales declines in this stage there are number of reasons for declining sales in this stage such as technological advancements, change in the taste and preference of the consumers, increase in the domestic as well as international competitors etc. At this stage some companies withdraw from the market when they face decline in sale as well as profit.}

^{Strategies for this stage-}

^{Increase investment: When there is no more growth of sales than the company must increase its investment in order to sustain in the market. It is also very necessary to dominate the market and strengthen its competitive positions.}

^{Abandon of the product: When a particular product is not able to generate sales the company need to abandon the product and should continue it business with the product which have more potential to grow.}

^{Maintain investment: the company need to analyse the factor which requires more investment at this stage and according to manage its investment. It should select the area which need a huge investment such as marketing, innovation, research and development are commonly need huge investment at this stage.}