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Principles Of Marketing

17th Edition

ISBN:9780134492513

Author:Kotler, Philip, Armstrong, Gary (gary M.)

Publisher:Kotler, Philip, Armstrong, Gary (gary M.)

Chapter1: Marketing: Creating Customer Value And Engagement

Section: Chapter Questions

Problem 1.1DQ

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search for an extra critiques of the product life cycle concept other than those mentioned in the table

Transcribed Image Text:TABLE I1.2 O Summary of Product Life-Cycle Characteristics, Objectives, and Strategies Introduction Growth Maturity Decline Characteristics Sales Low sales Rapidly rising sales Peak sales Declining sales Costs High cost per customer Average cost per customer Low cost per customer Low cost per customer Profits Negative Rising profits High profits Declining profits Middle majority Laggards Declining number Customers Innovators Early adopters Competitors Few Growing number Stable number beginning to decline Marketing Objectives Create product awareness and trial Maximize profit while defending Reduce expenditure market share Maximize market share and milk the brand Strategies Product Offer a basic product Offer product extensions, service, warranty Price to penetrate market Diversity brands and items models Price to match or best competitors' Build more intensive distribution Go selective: phase out Phase out weak products Price Charge cost-plus Cut price Distribution Build selective distribution Build intensive distribution unprofitable outlets Communications Build product awareness and trial among early adopters and dealers Build awareness and interest in the mass Reduce to minima EVE needed to retairtand-rore loyals Stress brand differences and benefits and encourage brand switching market Marketing in an economic downturn

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