Key Marketing Process - Assignment Example

When a product is a launch the product has to passes by four stages which are introduction, growth, maturity, and decline and this cycle is called product life cycle (Kotler 2004). The figure given below shows a typical bell-shaped product life cycle in terms of product revenue and profits. A new product takes time to settle in the minds of consumers. So ate first there happens low or no profits, low sales and high promotional expenditures (Kotler 2004). The marketing mix is affecting this way: 4)Promotion is done for holding innovators and quickly adopters.

Marketing communications are every time helping in educating and bringing interest in those consumers who may go for the product in the future. In the growth stage sales increases because more consumers come to know the product and buy it (Kotler 2004). There is competition. Attention is now on the safeguarding market share and also maximizing profit. In the following way it assists the marketing managers in making decisions: In the decline stage, the sales of the product go down a lot because of many reasons like change in technology, change in consumer tastes, more domestic and international competitions (Kotler 2004).

In such a stage the marketing managers should: Examples: Boston Market which declared bankruptcy and was taken over by McDonald’s came back into existence by revitalizing (Kotler 2004). Even Pitney Bowes was once predicting that the company will fail due to the internet but the company still continues.