Product And Product Life Cycle Essay
Currently, our company is just finishing up the end of the development stage. The product is going through rigorous testing to make sure at launch there isn’t any issues. We want to release a quality product.
Product Life Cycle
This is our launch stage of the new product. Sales should be slowly increasing, as there is currently limited awareness. Cost are high with large amounts of advertising and promotions as well as product development and production costs having been needed (Wise Up Marketing).
In this stage we will see that operating cost are high and that we are losing money. This is the most critical stage for our product life cycle, ideally we would like to move though this stage quickly. The reason why is because this is where the highest percentage of failure occurs. Here are some strategies for success during this phase. First, we have to clearly define our market so that at launch we are effectively targeting the consumer most likely to become your new customer. Next, build a dominant market position, stand out from our competition. We shouldn’t make a “me too” product. We need to have a unique reason for our consumers to pick us over the competition. Lastly, we need to be pioneers. Be the first to launch (which we are) (Wise Up Marketing).
Once our product awareness has increased and with good distribution strategy, we will identify that our product is in growth, which will be when you first break even and begin to make a…