Marketing characteristics

Marketing characteristics

Based on the current stages in product life phase, an item is more likely to get various financing, manufacturing, human resources and marketing requirement. The PLC is the normal phases which an item undergoes in its entire period. As a result, the product life cycle has five key phases which are development stage, the introduction phase, the growth stage, maturity stage and the decline phase.  According to Lorette (2019), all these stages have different characteristics and are therefore different in how they respond to the various requirements of the items when they shift over the life cycle.

1.      The development stage

Development phase is the first stage where the product is only an idea which is still in the under the manufacturing stage or perhaps not ready for sale.  The promotion mix is therefore in the development stage therefore instead of employing the tactics for marketing the manufacturer of the product seeks advertising methods and scheduling the struggles the organizations hopes to use when launching the product.

2.      Introduction stage

The introduction phase is the second stage where the produce finally enters into the marketplace and since it is just a new product the sales are often very low and more often the customers might not even be aware of the product.

3.      Growth phase

As the consumers continues to familiarize with the merchandise, the transactions consequently upsurge hence the produce goes up to the product life cycle.

4.      Maturity phase

Maturity phase is the stage which the product finally obtains its position in the competition. As a result, marketing mix in this phase obtains more efforts in enhancing customer loyalty mostly achieved with incentives and special promotions for the customers.

5.      Decline stage

As soon as merchandise market becomes over flooded, the item moves in straight to the decline phase PLF.  In this phase that marketing efforts and marketing mix goes down (Claessens, 2018).

Reply to Post2:

The most important characteristics which will generally be processed in the product is the main attention seeking thing which would be termed as the introduction face in which most of the product related scenarios will be introduced to the market or even the target customers based on the necessary campaign sorry when the marketing efforts that have been associated. it was gentle help in bringing a proper implications with respect to the scenarios where the introduction of the product capacity as well as the benefits of the economies of scale will be associated with the higher levels of production based on the calculations. The loyalty factor which will be associated with the product will be generally e attracted based on the characteristic of the long reliability in which the customer will be looking get in order to consume the product at multiple scenarios. This will be coming in the growth face which would help in proper increase in the sales along with the network as well as profitability as per the expectations during certain point of time (Claessens, 2017).

The characteristics of the product which might be the product liability or even the innovativeness that would generally help in taking the product habit further in the marketplace will be associated itself in the maturity face in which the sales would be going as more as possible even when it has been compared with the competitive products which have been present in the market at that point of time. The characteristics which have been related with the product will be going down only when the simultaneous products are being launched from the competitive organisations with respect to the target computers as well as the target market customers. we can generally related this to the decline face of the product which itself will be showing a possible decline in the graph with respect to the economies of scale as well as a probability that has been expected from the settings in the certain scenario (Kamthe, & Verma, 2013).