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BTEC Buisness Introduction to Market Reasearch Pass 4

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Introduction

Pass 4 The Product Life Cycle The Product Life Cycle is the course that a product's sales and profits take over its lifetime.'- Principles of Marketing by Philip Kotler. The product life cycle is a marketing theory in which products or brands follow a sequence of stages including introduction, growth, maturity, and sales decline. Product Development this is the design of a product this changes each year even products already developed are evolving all the time for example the ipod. When the first ipod came out it was big and had a bright green screen it then went to the ipod nano which was a smaller ipod. Then ipods had colour screens and you could put pictures on it and films. They have recently come up with a new model ipod touch and also the iphone both of these are touch screens. When any new product comes out it has zero sales as it is new businesses use the four P's to make sure they maximise sales. The Product Life Cycle Introduction Stage Focused and intense marketing effort This is the design stage where they think of a product which they feel there is a gap in the market for there product and whether or not they feel they can succeed and be profitable for example playstation they have ...read more.

Middle

Competitors Emerge Competitors emerge once a product has been released and has become successful other companies see this and release there own products. An example of this would be games consoles in general when a new generation of games consoles come out they all come out within a year and half of each other and have almost identical features. Sustained Market Activities Sustained market activity is important for a product to be successful the marketing mix most be used efficiently. All large companies do this good market research is key for this Sony have sustained market activities because of there ability to adapt to the current market. Maturity Stage In this stage sales have peaked they are still quite high but are not increasing. Competitors begin to leave the market this is because the sales have stopped growing so there are now no new customers. This may happen in television market as five or 6 years ago ordinary widescreen televisions had become quite popular and many homes had got one but they soon stopped increasing with new flat screen televisions about to enter the market so competitors left the market. Sales Velocity is dramatically reduced the products growth stops it still makes a profit but profits do not noticeable increase. ...read more.

Conclusion

Cash Cows These are products with a large share of a slow market growth. They generate money for the money that is invested into the company. This is a company which you would keep your shares in. An example of this would be in the car manufacturer the bmw m3 it is a high powered large sports car and not many would buy them. Question Marks These have low share in high growth market. The money invested in them is used up mostly on marketing to try increase awareness and profits. An example of this would be fruit of the loom clothing is constantly growing and also in a fashion orientated generation but people want designer clothes. Stars These are products which has a high share in a high growth market these make a lot of money for the money invested it'll be promoted heavily and expand the product when needs be. An example of a star would be the apple ipod more and more people are buying them and they already have a high market share in a high market growth. Magners Cider would be a Star it has a large share in a high growth market a lot of people buy alcohol and a lot of people buy Magners it is a popular brand. ...read more.

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