Answer:
The four marketing mix of every new business are:
1. Product
2. Place
3. Price
4. Promotion
For each of the stages of product life cycle, those 4p should be use appropriately.
Explanation:
The four marketing mix of every new business are:
1. Product
2. Place
3. Price
4. Promotion
the product life cycle are directly proportional to the 4p of marketing. the product life cycle stages are introduction, growth, maturity and decline.
For each of the stages of product life cycle, those 4p should be use appropriately.
Stages of product life cycle and how the 4p fit into it.
The introduction stage:
at this stage, a new product just want to be introduced to the consumers. the product stage has being developed. The place where the product will fit in will also be consider. the location of people who consume this product. Pricing strategy consider a low price at the introduction stage, the business owner may not get any profit at this stage. then, continuous advertisement to create awareness of the product to the environment.
The growth stage:
the product will continuing to be move to different locations. the standard of the product quality will be maintained. the Pricing will start increasing. then, continuous advertisement to create awareness of the product and working on improving the product to suit the consumer.
the Mature stage:
At this stage, the consumer are fully aware of the product. wide range of location are reach. the pricing has reach its peak. Profit have been maximized. And, competitors of the product are in the market. Corporate social responsibility (CSR) will be the promotional value at this stage.
The Declining stage:
The business product have fully grown to its peak, and its only constant promotional values like CSR, advertisement, bonuses, can sustain it in the market. At this stage also, price comparison with other competitor should be carefully look into.
