9: Identifying the Product/Brand to be Marketed

Question 1

Name the 4 stages of the ‘life cycle’ of a product.

Answer 1

1. Introduction
2. Growth
3. Maturity or stabilisation
4. Decline

Question 2

Describe the Growth phase.

Answer 2

• if the product establishes itself in the market, will then start to grow quickly as more and more people buy the product

Question 3

What type of marketing strategy is needed in the Introduction phase?

Answer 3

The strategy should focus on getting the product into the market and gaining recognition and reputation. Initially, distribution may be limited to a few carefully-selected channels to begin with.

Question 4

What type of marketing strategy is needed in the Growth phase?

Answer 4

The product should be increasingly widely distributed and aimed at a broader target market, to encourage strong growth.

Question 5

What type of marketing strategy is needed in the Maturity or Stabilisation phase?

Answer 5

The strategy should highlight the differences between the product and the other competing products which, by now, will have entered the market.

Question 6

What type of marketing strategy is needed in the Decline phase?

Answer 6

Faced with the prospect of declining sales, a company may take steps to extend the life cycle, perhaps by improving the product, updating the packaging, reducing the price to make it more competitive or seeking new markets. Each of these will need to be communicated to prospective customers through an appropriate marketing strategy.