Market development involves introducing new the product in the market. In the stage, demand forecast cannot be used to project the expected demand of the product. Low sales are usually experienced during the stage because market awareness has not been…
Apple may also lure customers to purchase the new product by using sales tools and pricing activities such as giving free samples and price incentives (Stark, 2011)
In the growth stage marketing strategies goals that is used is monitoring competitors’ activities compared to those of the firm and ensuring that quality standards are adhered in order to maintain customer satisfaction. Finally the strategies that can be applied in the stage are, developing new product image, finding new customers, applying new technology and discovering new uses (Stark, 2011).
c) During the maturity stage, firms strive to ensure that they generate cash flows. They seek to ensure that they cover the initial outlay costs. They also struggle to hold market share, steal market share and increase share of customer. However, when this fails, you can apply some strategies to bring the business back to life. The firm can develop a new product image, try to lure new customers, find alternative uses of the product, and embrace new technology (Stark, ...
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(PLC Coursework Example | Topics and Well Written Essays - 250 Words)
“PLC Coursework Example | Topics and Well Written Essays - 250 Words”, n.d. https://studentshare.net/marketing/693858-plc.
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