Implementation by command: Strategies are developed at the top then passed to lower levels. Show
Implementation through change: Firm is modified in ways that will ensure successful implementation. Implementation through consensus: All departments come together to develop the strategy. Implementation as organizational culture: Strategy is part of mission and vision. Since Glean is still a small company, I think they should implement as organizational culture because it will not take as long to get everyone on board. I also think because they are so small, their employees are already committed, so it would be a smooth transition. IntroductionThe stages through which individual products develop over time is called commonly known as the "Product Life Cycle". Product life cycle stagesThe table shows the product life cycle stages and the different marketing characteristics that accompany and identify them. The product life cycle is a well-known framework in marketing. Products typically go through four stages:
After a period of development, the product is introduced or launched into the market. It gains more and more customers as it grows and, eventually, the market stabilizes and the product becomes mature. Then after a period of time, the product is overtaken by development and the introduction of superior competitors, goes into decline, and is eventually withdrawn. At each stage, marketing strategy varies. Strategies for the Different Stages of the Product Life CycleIntroductionThe need for immediate profit is not a pressure. The product is promoted to create awareness and develop a market for the product. The impact on the marketing mix and strategy is as follows:
GrowthCompetitors are attracted into the market with very similar offerings. In the growth stage, the firm seeks to build brand preference and increase market share.
MaturityThose products that survive the earlier stages tend to spend longest in this phase. At maturity, the strong growth in sales diminishes. Competition may appear with similar products. The primary objective at this point is to defend market share while maximizing profit.
DeclineAt this point, there is a downturn in the market. For example, more innovative products are introduced or consumer tastes have changed. There is intense price cutting, and many more products are withdrawn from the market. Profits can be improved by reducing marketing spending and cost cutting. As sales decline, the firm has several options:
By imaginatively repositioning their products, companies can change how customers mentally categorize them. They can rescue products struggling in the maturity phase of their life cycles and get them back to the growth phase. And in some cases, they might be able take their new products forward straight into the growth phase. The Con of Using Product Life Cycles to Direct StrategiesAccording to Harvard Business School professor Youngme Moon, though the product life cycle concept has been used successfully over the past 40 years, it has made marketers assume that there is only one trajectory for successful products. By viewing the product life cycle in the same way, marketers pursue similar positioning strategies for products and services during each stage of the life cycle. In the process, they miss out on opportunities to differentiate themselves. What is product life cycle and its importance in marketing?A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves. There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
What is the importance of the concept of the product life cycle for business planning and budgeting?A product's life cycle is its progress from when it is created to when it is discontinued. There are four stages in the cycle, which are development, growth, maturity, and decline. The product life cycle helps business owners manage sales, determine prices, predict profitability, and compete with other businesses.
How does the impact of product life cycles affect marketing decisions?It gains more and more customers as it grows and, eventually, the market stabilizes and the product becomes mature. Then after a period of time, the product is overtaken by development and the introduction of superior competitors, goes into decline, and is eventually withdrawn. At each stage, marketing strategy varies.
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