Answered Essay: Draw, Label and Answer: Draw the product life cycle graph: label the each stage, peek sales, peek

Draw, Label and Answer: Draw the product life cycle graph: label the each stage, peek sales, peek profit, x-axis, and y-axis. For each stage list the type of marketing strategy you would want to initiate.

Expert Answer

Answer
Introduction Growth Maturity Decline
Marketing emphasis Create product awareness

Educate potential customers

Encourage product trial

Promotion is aimed at a larger audience

Establish high market share

Emphasize on product differentiation through promotions

Fight off competition

Generate profits

Minimize marketing expenditure

Source: Boundless. “Impact of the Product Life Cycle on Marketing Strategy.” Boundless Marketing Boundless, 18 Apr. 2017. Retrieved 10 Sep. 2017 from https://www.boundless.com/marketing/textbooks/boundless-marketing-textbook/products-9/product-life-cycles-69/impact-of-the-product-life-cycle-on-marketing-strategy-348-10771/

Image Source :https://marketing-insider.eu/characteristics-of-the-product-life-cycle-stages/

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