Question

Select a product you are familiar with. Based on your knowledge of the product life cycle, what types of changes will occur to your selected product as it continues through the product life cycle? How will this affect the marketing of your selected product?

Answer 1

Answer:

Blue jeans. Long life cycle

Explanation:

If we select blue jeans, we know that it is classic clothes that are well-known in the market. It exists from at least 100 years and still widely used across the world. This product shows a long life cycle, stable demand and small profits. In order to implement a marketing strategy that increases sales, we need to look for new markets to sell (new places); or propose a new design that can attract consumers by targeting new market segments (variance in the product); or define new price lower than competitors (price policy); or create a campaign enhancing the attributes of our jeans (promotion focus). Nevertheless, these strategies must be based on sustainable competitive advantages to be successful. Otherwise, they will only work through short time, because blue jeans is a very easy replicable product manufactured by many competitors.