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Groucutt (2005) argue that the product life cycle is a concept that is used to predict the strategic needs associated with the products as they age within the market.

 

  • Company at development stage: promotion of product is the aim, no income, time to market itself.

  • Introducing the product to the market, first clients, income starts to come in, time into the market.

  • Growth stage starts when more and more clients buying into the product.

  • Maturity happens still steady demand for product.

 

         Problems with the strategy

 

  • Plan B. important to know if the marketing strategy fails?

  • Business needs to implement a scenario plan. (Reviewing either price, product, target market).

 

   John and Scholes (1999) Groucutt, Leadley, & Forsyth (2004); Beech & Chadwick (2007); Blythe (2012).

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