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Product life cycle, marketing mix, branding and packaging

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Identify stage in product life cycle, marketing mix, branding and packaging strategies.

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Stages in product life cycle, marketing mix, branding and packaging strategies.

QuickMBA (2010) suggests that a product undergoes these stages, "introduction stage, growth stage, maturity stage, and decline stage".
Introduction Phase

In the Introduction Phase, it "includes the product launch with its requirements to getting it launch in such a way so that it will have maximum impact at the moment of sale" (Komninos, 2002).

This stage involves heavy and costly advertisements. The most common strategy is advertisement on national TV. This promotion can cost millions of dollars. This is made during the introduction phase on the understanding that the potential income from product sales will write off advertisement expenses.

Others will use controversy to introduce a product. When Dan Brown's novel, "The Da Vinci Code" was released into the market, it was succeeded by a multitude of critics specifically by the religious sectors. Such controversy created and introduced a huge market for both the novel and the movie versions. Dan Brown need not spend a single penny to promote the product. Major TV networks want a live interview of him (for free). Since its introduction to the market, about "40 million copies in 44 languages" according to Branch, et. al.

Growth Phase

The Growth Stage, according to the Irish Times ...

Solution Summary

This solution identifies the stages of product life cycle. It also discusses marketing mix, branding and packaging strategies.

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1. Explain the concept of brand equity. Provide an example.

2. Like products, markets evolve through four stages (introduction, growth, maturity, decline). Characterize each stage of a market's evolution. Provide an example for each.

3. In planning its market offering, the marketer must address the five product levels of the customer value hierarchy. Describe the "customer value hierarchy" and identify the five levels of product contained within. Provide examples.

4. Explain the concepts of product line width, length, depth and consistency. Provide examples.

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