Identify one product for each stage in product life cycle

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Reference no: EM132230881

In this module, the product life cycle was defined as a concept that explains how products go through four distinct stages from birth to death including: introduction, growth, maturity, and decline. Each stage is actually based on the market's response to the product. This dynamic causes firms to adjust their marketing strategies so that they are in alignment with the current stage. For this discussion, respond to each of the following prompts:

Identify one product for each stage in the product life cycle (i.e. four different products) and explain how each product fits in its particular stage.

For the products in the introduction stage, tell us what strategies you would use to launch this new product.

For the product you identified in the growth stage indicate what strategy would be necessary to maintain brand loyalty as competitors now are entering the market.

For the product in the maturity stage, identify a strategy to remain competitive in the market as this product matures.

For the product in the decline stage, what would be your recommendation for the future? Should the product be dropped immediately? Could there be an alternative use for the product?

Reference no: EM132230881

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