Product life cycle & marketing strategy

Product life cycles have distinct stages - introduction, growth, maturity, and decline. Each stage requires different marketing strategies to address changing demand and competition. During introduction, demand is low and profits are negative as costs are high. Marketing focuses on creating awareness through promotions. In growth, demand and profits rise as acceptance increases and prices stabilize. Mature products have slowing growth, so marketing emphasizes price reductions and feature changes. In decline, sales fall as new products satisfy customer needs, so marketing focuses on reducing expenses to extract remaining value. The document discusses how product life cycles, demand, and optimal marketing strategies vary depending on the product, technology changes, and rate of customer adoption through innovators, early adopters,