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Essay example - Marketing Management
Pages 4 (1004 words)
Category 1: Product Strategy 1.1 Provide the rational for why the following Product Life Cycle characteristics occur: • Time Period Zero: Sales start at zero and improve, yet profits are negative. The time-period zero is characterized by zero sales at the beginning when a new product is introduced into the market…
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• Mid-way through the Growth Stage: Sales increase at a decreasing rate and profits begin to flatten. Once the sales pick up, profits pour in and demand increases. However, this is followed by slower rate of sales as the markets become saturated with similar products and competition. Although new consumers continue to buy the product, competition by substitutes causes significant decline in sales for the original product. • Mid-way through the Maturity Stage: Sales peak and profits begin to decline. How can a company attempt to stop the decline? The company can handle this decline by introducing different products with similar and alternative features and maintain stable or slightly lesser prices. The company can freeze distribution channels and try to generate demand linked to the previous products. 1.3 You have been hired as a consultant to develop a branding strategy for a new product line. Discuss the strategic importance of branding and the key types of branding decisions that should be considered. Branding becomes extremely important as well as beneficial for new product sales and profit. Branding helps consumers to make quick buying decisions as it promises of certain level of quality and protection. Branding helps in systematic business institution through inventory and records. Branding provides protection through trademarks, patents, and copyrights. ...
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