TU Patiala Aman Mehta -What marketing strategies are appropriate at each stage of life cycle
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What marketing strategies are appropriate at each stage of life cycle
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TU Patiala Aman Mehta -What marketing strategies are appropriate at each stage of life cycle
- 1. WHAT MARKETING STRATEGIES ARE APPROPRIATE AT EACH STAGE OF LIFE CYCLE
- 2. INTRODUCTION STAGE 1. INDUCE PRODUCT TRIAL Vaseline, a skin care brand owned by Hindustan Unilever Limited (HUL), had partnered with Zapak.com for an online contest, titled Confidence Challenge, to induce trial of its Healthy White body lotion.
- 3. INTRODUCTION STAGE 1. INDUCE PRODUCT TRIAL A majority of the products today are first “Beta” launched in the market so that the product is rolled out early and the updates are made periodically.
- 4. INTRODUCTION STAGE 2. INFORM POTENTIAL CUSTOMERS •Make public announcement. •Put the Focus on the People, Not the Product. •Take Pre-Orders. •Draw the suspense for as long as you can.
- 5. INTRODUCTION STAGE 2. INFORM POTENTIAL CUSTOMERS •Make hype regarding company and product. •Use speculation and drama to generate interest in the company.
- 6. INTRODUCTION STAGE BE A PIONEER- MAKE YOUR BRAND A GENERIC BRAND •Be a pioneer in your field and aim to become a generic brand. •They always have an advantage over other competitors.
- 7. GROWTH STAGE IMPROVE EXISTING PRODUCT The focus should always be on improving the product.
- 8. GROWTH STAGE ADD NEW MODELS AND CATEGORIES The aim should be to reach as many customers as possible.
- 9. GROWTH STAGE INCREASE DISTRIBUTION COVERAGE HUL has increased it’s distribution coverage manifold to reach out to more customers.
- 10. GROWTH STAGE LOWER PRICES TO ATTRACT CUSTOMERS Lower prices tends to attract the customer.
- 11. MATURITY STAGE PRODUCT MODIFICATION Prof. Richardson took this pic of the new upside down plastic bottles "side-by-side" the old glass bottles in his local grocery store. Not only did they change the packaging, but they also were able to cut the price cause glass is more expensive to produce, and more expensive to shelf because of the added weight.
- 12. MATURITY STAGE MARKET MODIFICATION Pretty Secrets changed their operations from brick & mortar to digital when they realized that the market was predominantly controlled by unorganized retail.
- 13. DECLINE STAGE THE FALL OF BRANDS
- 14. Aman Mehta Thapar University, Patiala mehtaaman15@gmail.com 08437924582 THANK YOU!
- 15. “Created by Aman Mehta, Thapar University, Patiala, during an internship under Dr. Sameer Mathur, IIM Lucknow. www.iiminternship.com”