Pick a 'fad' product and explain the life cycle, promotion and pricing strategies
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Pick a product that is considered a fad.
How does this product move through its product life cycle?
How does this differ from a longer-lived product?
What promotion and pricing strategies are key at each step of this cycle? Why?
There are many factors that influence the product life cycle of any given product campaign. Some can be controlled and others simply cannot because they arise without warning like the entry of a competitor into a common market, or the sudden emergence of a new fad. Hence, product life cycle management becomes extremely crucial for maximizing the duration that a product proves to be viable.
Pet rocks. We select this product because it is fad and different marketing tools were used to market it.
HOW DOES IT MOVE THROUGH ITS PRODUCT LIFE CYCLE
The product development stage is very short may only be a few days and is marked by a rush to get the products on the shelves at breakneck speed. The main objective of the marketers was to get the rocks that would appeal to the customers on the shelf. The introduction stage was marked with a close vigil on the price and variations ...
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