BUSINESS ADMINISTRATION
MARKETING MANAGEMENT
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The Maturity Stage
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The Growth Stage
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The Decline Stage
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The Introduction Stage
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Detailed explanation-1: -Decline Stage Marketing Strategy To extend the product life cycle, successful companies can also implement new advertising strategies, reduce prices, add new features to increase their value proposition, explore new markets, or adjust brand packaging.
Detailed explanation-2: -Market Introduction Stage. Think of the market introduction stage as the product launch. This phase of the PLC requires a significant marketing budget. The market is not yet aware of the product or its benefits.
Detailed explanation-3: -The introduction stage is the first stage of the product’s life cycle. Since the product is new in the market, the promotional objective is to inform consumers in an effort to increase their level of awareness.