Product Lifecycle Worksheet for the Microsoft Products Marketing Mix Dissertation Example
- Business Studies
Free Product Lifecycle Worksheet for the Microsoft Products Marketing Mix Dissertation ExampleProduct Lifecycle Worksheet for the Microsoft Products Name: Institution: Product Lifecycle Worksheet for the Microsoft Products Marketing Mix Introduction Growth Maturity Decline Product The introduction stage is the most expensive for the company. It involves; 1. The continuation of the development stage where the company is extensively tracking the possible bugs in the product. Therefore, this is done mostly by conducting focused groups among other ways to collect feedback. 2. Subsequently, the company does a large advertisement campaign using several modes such as billboards, TV advertisements, a partnering with telephone companies to send messages regarding this product. All this makes customers aware of the product (Shahmarichatghieh, Tolonen and Haapasalo, 2015). Here, the product has a growing number of customers. Additionally, the competitors are increasing in the market. For this reason; 1. Advertising strategy is now aimed at differentiating this brand from all the others in the market. In short, that is by emphasizing its better qualities or features. 2. Additionally, it has to increase the product variety, that is by researching other brands in the market and aiming to add features and improve quality these other brands do not have. Therefore, this will ensure a shift from product awareness to product preference (Sharma, 2013). Moreover, this stage is characterized by barely increasing sales revenue, the market is crowded thus competition is at its highest, and for a product that didn’t establish a market share, the sales revenue reduce rapidly. The company will need to do the following to reduce the negative effect of these issues. 1. Increase in product differentiation and production efficiency. 2. Reducing the quality of the product by providing acceptable quality that is cheaper to produce. 3. On an off chance the company can take the risk, it could perfect the quality of the product to have the extraordinary...
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