There are four different steps for understanding product life cycle characteristics, objectives and strategies and it is important for the reputation management company to know these inside and out. For the introduction part, there are certain characteristics such as sales and how they are low sales, the costs that are high costs per consumer profits, which are negative, consumers whom are innovators and the competitors, which are few. The marketing objectives in the introduction are to create product awareness and trial. The strategies that are used are the product which offers a basic product, price which uses cost-plus, distribution which is to build selective distribution, advertising which is about building product awareness among early adopters and dealers and finally the sales promotion which is all about the use of heavy sales promotion to entice trial.
The growth process is all about rapidly rising sales, average cost per customer, rising profits, early adopters and growing numbers of competitors. Their marketing objective is to maximize market share. The strategies they use during this process is to offer product extensions, service, warranty and the price to penetrate the market. This is the step where they build intensive distribution, build awareness and interest in the mass market and reduce to take advantage of heavy consumer demand.
The maturity process is all about seeing a peak in sales, low cost pet customer, high profits, middle majority and stable number beginning to decline. Following this is the marketing objective, which is to maximize profit while defending the market share.
The last step in the process for the reputation management company New York to know is the decline. During the decline, the sales decline; there is a low cost per customer, declining profits, laggards, and a declining number. Following this is the marketing objective, which is to reduce expenditure and milk the brand. The strategies for the last step are to phase out weak items, cut price, go selective by phasing out unprofitable outlets, reduce to level needed to retain hard-core loyals and reduce to minimal level. All of these pointers on the product life-cycle characteristics, objectives and strategies will allow the reputation management company to understand the marketing industry much more than before due to them not marketing as much.