Smart Appliance Case Study
To avoid it and maintain product growth companies would ensure they help themselves by creating a long-term marketing strategy and setting prices that are cost effective in the long run. Cost to the buyer will be the major factor in whether or not a premature decline incur. However, even if there is a sales decline of smart appliances this does not necessarily indicate the product is in the declining stage of the its life cycle.
These companies must focus on the cost and profitability of the smart appliance models they intend to produce for the market. If there are certain smart appliances that would be considered non-profitable, companies may consider dropping that particular product to save money and focus on the products that are generating the most revenue or the product that likely becomes its cash cow. Smart Appliance pricing will need to be competitive after cost cuts have been made eliminating the ones that are not profitable. Companies will also help themselves by producing limited amounts of the product during its initial introductions into the market. The strategy to limit the amount of models will determine if the public perspective is in demand for the appliances. Companies should follow its product strategy planning to help with increasing sales rather than cutting costs to avoid an impending