Small business marketing consultant in Brisbane on the product life cycle
Have you heard of the ‘Product Life Cycle’? It shows the life cycle of a new product in 4 different stages. As the product moves from stages to stages, different marketing strategies should be applied in order to maximise product revenue and profits. Read on to find out more about the stages.
The first stage is known as the introduction stage. At the point in time, the product is new to the market and not many people know about it. The highest failure in this stage is people not accepting the product, thus leads to product failure. On the other hand, low market awareness also means low competition.
As more and more people know and accept the new product, it will then move on to stage 2 - growth. Competition increases as other businesses try to make similar products.
At maturity stage, the level of competition is the highest because competitors are equipped with sufficient knowledge to produce better products than you.
At last, we have the fourth stage - declining. It occurs when customers no longer want your product as there are better and newer options in the market.
It is not an easy task to measure when stage your product is at but the PLC theory is definitely useful in designing appropriate marketing strategies for your small business.
Based in Sydney, Brisbane and Melbourne, we have about a decade of experience working with small business clients, from diversified backgrounds and needs. Contact us soon for any marketing help for your small business in Brisbane!