A more limited competitor set
It is likely, in the introduction phase of the product life cycle, that there are limited numbers of competitors. At this stage of the PLC, the level of sales and profits in the market are … Read more...
The Introduction Phase of the the PLC
Key marketing challenges in the introduction phase
One of the key marketing challenges in the introduction phase of the product life cycle (PLC) is to clearly communicate the advantages and benefits of the new product offering, relative to existing products … Read more...
Threat of New Entrants in the PLC
Well-managed Product Portfolios
Having survived the significant competitive battle of the growth stage, firms are looking for stability and ongoing profitability and to leverage their “cash cows”. It is also likely, in most well-managed firms, that they have … Read more...
First-Time Customers in the Growth Phase of the PLC
In the growth stage of the PLC there is a limited degree of customer loyalty. This is because most customers are “first-time consumers” and have no direct experience purchasing the product.
This means that in a growth market, it … Read more...
The Growth Phase of the Product Life Cycle
Growth phase follows the introduction phase
The growth phase follows a successful introduction stage. There is no guarantee that a new product will be successful – therefore, not all new products will have a growth phase.
However, provided that the … Read more...
Extending the Product Life Cycle
Product reinvention to trigger a new growth phase
In a mature market, potentially entering the decline stage of the product life cycle, larger firms may be in a position to try and rethink the overall positioning of a product in … Read more...
The Decline Stage of the Product Life Cycle
Following the maturity stage of the PLC, many products at some point will enter the decline stage. The decline stage is a significant reduction in sales volumes. Typically this occurs for two main reasons:
- There is a new product category
Introduction Phase: Continue or Withdraw the Product?
One of the key challenges for the firm during the introduction phase, given the important role of innovators, is the limited level of sales and likely negative profitability. This occurs because only a small proportion of consumers – the … Read more...
Innovators and the Introduction Stage of the PLC
The introduction phase starts with innovators
Marketers of new products seeking to gain traction for their offering are reliant upon a category of consumers that are classified as “innovators”. Innovators are consumers that are far less influenced by word-of-mouth for … Read more...
Key Characteristics of the Introduction Phase of the PLC
How the market operates in the introduction stage of the PLC
- Sales are typically low
- Firms are losing money, due to low sales and high costs and the need to support the product
- There is generally a limited choice of
Introduction Phase of the PLC Contains New-to-the-World Products
New-to-the-world products only
When we look at the product life cycle, we are generally considering products that are new to the marketplace. That is, these are products that are not normally purchased by consumers. We are not looking at products … Read more...
Overview of the Product Life Cycle (PLC)
Product life cycle = stages of “life”
The product life cycle (PLC) is a very common concept across all marketing textbooks. From the words “life cycle”, you should see the connection between a product and a biological life. Just as … Read more...
The Maturity Phase of the PLC
Following the period of growth, a market will reach the maturity stage of its product life cycle. This means that there is limited growth – usually in line with the economy – left in the market. Sales have maximized and … Read more...
Key Parts of the Customer Journey
Customers come to you from all different places and entry points. If you have a brick-and-mortar store, they might walk in the door on their own—or they might have been referred to your business by a friend. If they … Read more...
Domestic versus international marketing research
Key challenges of conducting international marketing research
So what are the main challenges of conducting marketing research in international markets?
In terms of market research tools and techniques, the approaches are generally similar, with the same intention of gathering and … Read more...
Multi-Attribute Attitude Model: Excel Template
Measuring Consumer Attitudes
A brand’s ability to measure consumer attitudes provides a very helpful insight into what is driving consumer behavior. Generally a consumer’s attitude towards the various brands in the marketplace has a significant influence over their purchase and … Read more...
Internal Environment Factors
What is the internal environment in marketing?
The 
internal environment in marketing refers to components INSIDE the firm that are unique to the firm. An analysis of the internal environment is critical in the development of marketing strategy to ensure … Read more...
Overview of the marketing environment
The three components of the marketing environment
The most appropriate marketing strategy for an organization will depend upon the marketing environment in which it operates. There are three broad categories of the marketing environment, which are:
- The internal environment,
- The
The Role of Price in Marketing
Marketing’s View of Price
We often come across the term price; it’s a common term in everyday life.
In general terms, price can be considered as a monetary amount that is charged in order to get something desired from the … Read more...
The Marketing Process
What are the steps in the basic marketing process? As you probably know, the purpose of marketing activities is to create value for consumers and to deliver ongoing profitability (or other success metric) for the firm as a result. Marketing … Read more...