How to Increase a Product’s Life Cycle

How to Increase a Product’s Life Cycle

At some level in a product’s life cycle, it reaches a maturity phase, wherein there is a slowdown on the rate of sales advancement. This phase poses problems to marketing management to increase the life cycle of the product and hold off the stage of decline. There are several procedures that can be implemented to reach this.

Sector Modification

The company can elect to grow the current market for its mature brand by working on escalating the quantity of brand end users as effectively as the utilization rate for every person. Rising the number of brand buyers can be attained through:

1. Converting non-buyers: This strategy can be observed in Cebu Pacific, which clearly targets the center course. Their ridiculously low fares talk the message that really, “it is really time each individual Juan flies.”

2. Enter new marketplace segments: The company may well also decide to introduce the experienced product to a new industry segment. For example, toddler powder may perhaps also be promoted to pre-teenagers, young adults, and even to the grownups.

3. Get competitor’s clients: This strategy is becoming executed in the LPG industry. Non-consumers are allowed to buy LPG of their brand making use of their existing LPG tank.

Likewise, the utilization rate for each user can be elevated by way of convincing the buyers to:

1. Use the product on much more situations: The promotion of shampoos to be employed on a every day foundation is a distinct illustration of this strategy.

2. Use more of the product on just about every situation: Bear Brand’s campaign to “consume not just one particular, but two eyeglasses of milk per working day” clearly encourages improve in product use.

3. Use the product in new means: Instance of this strategy would include marketing vinegar as an agent for residence cleaning.

Product Modification

Marketers can also stimulate sales by modifying the items traits as a result of:

1. Quality enhancement: This strategy aims at rising the product’s practical general performance. Launching a “new and improved” model of a product may possibly prolong the product’s life cycle.

2. Characteristic advancement: A company may well contemplate adding new capabilities to the product. This is illustrated in the cellular cell phone industry, where by new characteristics are included to existing solutions and re-launched (e.g., Nokia’s N97 and N97i, among the others).

3. Fashion improvement: This aims at escalating the product’s aesthetic charm. For example, new automobile models with advancement in design and style are periodically introduced by vehicle organizations.

Marketing Program Modification

To lengthen a product’s life cycle, supervisors can also decide on to modify other marketing plan aspects, together with:

1. Price: Firms ought to consider whether or not implementation of price cuts/price improve could stimulate sales.

2. Distribution: Current distribution channels could be examined for thought of likely obtaining a lot more aid from current stores or penetrating a lot more stores.

3. Sales Promotion: Sales promotion procedures these types of as trade deals, discounted discount coupons, rebates, etc. could also be executed to stimulate sales.

4. Individual Selling: The quantity and high-quality of the sales drive could also be transformed as deemed important. Training of salespeople, their specialization, and even payment ought to be evaluated and modified as perfectly if necessary.

5. Providers: Organizations can also offer superior products and services to establish consumer loyalty. For illustration, they can give quicker shipping, improved specialized help, or offer far more credit.

And, although you are fast paced doing work tougher, but not smarter, several CEOs are completely FEDUP of your deficiency of creativity and collaboration abilities.

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