Product Life Cycle
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Select a product or service provided by your company. What stage is your selected product or service at in the product life cycle? What types of changes will occur to the product or service as it continues to move through the product life cycle? How will these changes affect your company's marketing strategy?
Select three different organizations that have a similar product or service and compare the prices with your organization's product or service. What is the difference between the prices among the different organizations. What is the rationale for this difference?
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The response addresses the queries posted in 1241 Words, APA
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The response addresses the queries posted in 1241 Words, APA
Pricing Policy
Product Stage
My organization is operating into fast food industry. The industry is growing at a fast pace due to the fundamental changes in the world economy. The industry is benefited due to various factors such as change in demographics, low cost meals and availability of cheap labor. The main product offered by my company is snacks which includes cheeseburgers, hamburgers and French fries. The selected products have entered the maturity stage. The company has achieved high sales in these products.
The products were in high demand in the past years. The size of the market also grew significantly. In this period, company achieved maximum profits and revenue from the sales of the products. Presently, the demand of these products have saturated and consumers have become health conscious. There is intense competition in the fast food industry. The company is facing competition from several local players and large companies operating in the industry. Competition is also based on the price and firms are trying to distinguish their products through innovation and advertising.
As the product moves through the product life cycle, it experiences several changes in the form of ingredients, price and advertising. The major changes are made in the taste of the products. New tastes are developed keeping in mind, the demands and trends of the consumers. The improvements are made in the form of quality of the products. Cheeseburgers are divided into various categories. Initially only a single taste was offered to the customers and there was no option in it. Similarly, French fries are improved through continuous understanding of consumer taste and now they are offered with spices and sauces.
In the maturity stage, along with the taste modifications customers are also attracted through packaging and promotional deals. The customers are provided with special offers, which save their money and the purpose of increase in the sales is also solved. The product is differentiated from the competitors offering. ...
Education
- MBA (IP), International Center for Internationa Business
- BBA, University of Rajasthan
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