29 Jun Describe the stages of the Product Life Cycle.
Question
Describe the stages of the Product Life Cycle. Pick a product that is in its growth stage as described in Kotler-Keller.
1. Why have you put this product into this category?
2. Describe the marketing approach for this product.
3. What changes might you make in the marketing strategy and why?
4. What percentage of the advertising budget would you designate for this product and why?
Now pick a product that is in the maturity stage (hint: the discussion will be more interesting if both products are from the same product category or produced by the same company).
1. Why have you put this product into this category?
2. Describe the marketing approach for this product.
3. What changes might you make in the marketing strategy and why?
4. What percentage of the advertising budget would you designate for this product and why?
Compare and contrast the marketing strategies used in each of the above examples.
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