Marketing Mix: Product Life Cycle
The marketing mix is all about 4Ps. It is very helpful to use 4Ps if someone wants to launch their products to the market and sell them to people. In the 4Ps includes product, price, place and promotion price by following all this the product can be attractive to people it must be the right prices and the right promotion to sell it. Also it must be in the right place to sell the product.
A product is an item that made for different people with different needs and wants. The product can be different style, size, for different religions and for different usage. Every product must have their life cycle which includes the growth phase, the maturity phase, the sale and decline phase. It is important to have interesting and attractive product to stimulate more demand.
The price of the products can be different because products can be different from each other. Basically customers pay for their products to enjoy it. In the marketing mix price …show more content…
Product life cycle describes stages how the product starts and how it is removed from the market. Not all the products reach this final stage because some of them continue to grow, rise and fall.
Important stages of the product life cycle are introduction, growth, maturity and decline. The first stage of the product lifecycle is introduction it helps researching, developing and launching product before the sale. It is important to introduce product at the right position. The second stage is growth it is when sales are increasing at their fastest rate and makes the audience to buy the product. The third stage is maturity it is when sales are near their highest, but the rate of growth is slowing down it can be because of the new competitors or the similar product. Decline is the final stage of the life cycle and it is when finally sales of the product begin to