Hopefully, as students of the advertising lifecycle, we can better interpret four classic stages of the well-known product lifecycle: Introduction, growth, . by the discrepancy between mobile ad spend and device engagement. When it comes to advertising a product, the advertising life cycle is made up of four primary stages. These stages are the introduction, growth, maturity and. Explain the relationship between advertising and the product life cycle.
Learn the traits of each stage of the product life cycle so you can determine which stage of the cycle is where your product is.
Determining the stage helps guide you in what you need to focus on in your advertising efforts. If you are just introducing your product, then advertising efforts generally focus on bringing awareness of the product to customers, while products in the growth stage are performing advertising efforts that sets its product apart from the competition.
Advertising Life Cycle of a Product | dayline.info
Products in the mature stage use advertising as reminders to buy the product by offering coupons or special sales to existing customers. Companies with products in the decline stage generally cut back spending on advertising.
Choose an advertising technique. Choose one form of advertising, based on where the product is in the life cycle. For example, you may offer coupons to save money on the purchase of the product.
Send the coupons using different mediums, such as email, in-store displays on the business website and sending coupons in the mail.
Track the responses to the advertising campaign. For coupons, a promotional code on the coupon helps to determine where the coupon came from.
If orders are placed by phone or online, promotional codes can also be used, or company representatives can ask where the buyer heard of the product. If not, you can tweak the advertising effort to try to increase the response rate.
Advertising Life Cycle of a Product
Every product goes through a series of stages, namely the introduction, growth, maturity, decline. After a period of development it is introduced or launched into the market; it gains more and more customers as it grows; eventually the market stabilises and the product becomes mature; then after a period of time the product is overtaken by development and the introduction of superior competitors, it goes into decline and is eventually withdrawn.
However, most products fail in the introduction phase.
Others have very cyclical maturity phases where declines see the product promoted to regain customers. Thus in this case, a suitable advertising and promotion campaign is required to be identified and followed. The product is promoted to create awareness.
If the product has no or few competitors, a skimming price strategy is employed. Limited numbers of product are available in few channels of distribution.
The Product Life Cycle (PLC) and Strategies at different stages | dayline.info
Advertising differentiates the product. Print ad of a Printer giving details about its specifications Growth stage of PLC Competitors are attracted into the market with very similar offerings. Products become more profitable and companies form alliances, joint ventures and take each other over. Advertising spend is high and focuses upon building brand.
Market share tends to stabilise.
- Product Life Cycle
- The Product Life Cycle (PLC) and Strategies at different stages