Factors Affecting The Product Life Cycle

1308 WordsAug 31, 20156 Pages
Budgeting: Factors which need to be considered while deciding the budget are as follows: o Stage in Product Life Cycle: As June Oven is the new product and which is in the Introduction stage in PLC, huge amount of budget allocation should be done for advertising to create awareness among consumers. o Market share and consumer base: As the product has to gain market share from competitors, it needs to spend large amount for advertising in order to grab it. o Competition and clutter: As there are lot of competitors in the Oven market. Again there are numerous advertisements on oven. So it requires quite a large expenditure on advertisements. o Advertising frequency: The main Moto of advertisement is to make consumers aware and to grab the customers towards their market. o Product sustainability: Oven is a durable product which requires creating a high level of difference in terms of representation and demonstration. Hence it requires a huge investment on advertisement. Different internet marketing media used: Search Engine Optimization (SEO): This helps the product make visible your website on major search engines like Google, Bing, Yahoo, and more. This helps the customers to find the product by just entering the keyword and it will help optimize the website’s content so that it will rank better in searches for the keywords or phrases you choose. Example: Intelligent, oven, smart oven etc. Social media: As social media has a wide reach in today’s generation. It will allow
Open Document