Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.

Answer:

Any product goes through four stages in its life known as introduction, growth, maturity, and decline. The marketer uses specific and unique marketing characteristics as per the stage of the product. Here are some details-

Introduction phase

in the introduction phase, the product is newly launched. It is very clear that customers are not much aware of the product as it is new and hence the companies need to develop marketing strategies, promotion strategies and launching strategies, and other factors. Launching a product is not a very simple task but very complicated. In the initial phase, the company is more about taking feedback, launching a product, it's the promotion and advertising for attracting more and more customers.

Growth face

In this phase, the product has been launched and customers are purchasing the product but the sale is low. The company has used its resources such as money and cost to manufacture the product and due to lower sales, the company is not earning profit. In this phase, the company's strategy is to take feedback from the customers to further improve the product and make strategies. The competitors are also coming with their product seeing the success of the product and hence the company needs to tackle the competition as well. Promotion and advertisement are very necessary for this phase as well and the companies need to have their cash flows to attract more and more customers.

Maturity Stage

In this phase, competition is high because alternatives are available in the market and the company has started earning profit from the product or services and has an optimum market share in the market. Since competition is there and alternative products are there so the company's strategy should be to enhance its product or add certain new features to make it more competitive in the market. The company can also reduce the price of its products or services.

Decline stage

This phase sees a decline in sales and the product becomes obsolete because of lower demand for the product or services. The company is losing money in terms of profit and hence in this stage, the company should reduce advertisements and promotions. The company can reduce the price to attract customers at large. The company here should access the changing need of the cusormers and mke planning to offer new product or services.