pricing cycle strategies like penetration strategy

In today's highly dynamic marketing environment, the company's marketing strategy must change accordingly to the changes in the product, the market, and competitors.

New marketing strategies are required at every stage.

Profits change at each stage of the product life cycle.

Product sales have clearly defined stages.

The product life cycle makes it possible to predict the changes that will occur in consumer requirements and in competition.

The product range is analyzed based on the product life cycle and the ratio between new and discontinued products is balanced.

The product life cycle concept summarized The concept of the product life cycle is important for marketing because it gives an in-depth idea of product dynamics. Thus, companies can maintain profitably and abandon unprofitable products. The product life cycle concept is used to determine the introduction, development, and termination of the product. As the product goes through the cycle, strategies for competition, promotion, distribution, pricing, and market information need to be periodically evaluated and changed. C: “Product life cycles, like biological cycles, go through introduction, growth, maturity, and decline. Products have a life cycle, which is based on the premise that products have certain life limits.Īccording to Pride, William M. It is divided into four stages - introduction, growth, maturity, and decline. The classic version of the Product Life Cycle concept is represented by three image curves. The concept of the Product Life Cycle is important for marketing because it gives an in-depth idea of product dynamics. According to many authors, products have a life cycle, which is based on the statement that products have certain life limits - from the moment the idea for a new product arises to the moment it goes out of the market.

Pricing cycle strategies like penetration strategy