Marketing objectives, strategies, and approaches will change depending on where a product is in its life cycle.

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​The Product Life Cycle

• Product is designed and launched into the market

• Product is unknown

• Sales may be low due to consumers lack of familiarity with the product/business

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​Introdution

• This is where the effects of marketing are seen

• Consumers are more familiar with product

• Sales start to grow and profits rise

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Growth

• Product is well established

• Sales have stabilised

• At some point, demand may start to decline

• Does not yet need to be replaced

• Need to use extension strategies like relaunching with new packaging

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Maturity

• Sales decline as the product is out of date and/or being replaced

• Competitors more popular

• Need extension strategies or to reboot the cycle

• Otherwise, the product is retired and replaced

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Decline

• Product life style is related to pricing strategy

• Also the number of places sales can be made based on popularity

• And promotion strategies will also change

• Please read the table before moving on

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Product Life Cycle & Pricing Strategies

​This terms refers to business activities that aim to acquire, grow, and retain good relationships with customers. This helps increase customer loyalty and brand reputation.

​​Customer Relations

​Exellent customer service creates opportunities for word-of-mouth recommendations and competitive advantage by help customers feel valued.

​​Customer Service

Loyalty programs can make special offers to promote spending and create repeat spenders, but also to collect valuable data for later marketing purposes.

Loyalty Programs

• 5.42 billion people use social media

• 96% of businesses use it for advertising

• Used for customer service too

• Essential for brand visibility and engagement with customers

• Also can be less expensive marketing option

Technology - Social Media

• Form of direct marketing to consumers

• Used to constantly remind consumers about the brand

• Also offers loyalty program like features

• Can increase engagement (or annoy)

• Be careful to follow the law and keep data safe

​​Technology - Email Marketing

• Search engine optimisation uses data to improve website design

• Goal is to increase viewership of the website: you want to be the first page shown in a Google search

• How will this be affected by AI if 60-80% of searchs result in 'no clicks'?

Technology - SEO and AI

• Marketing requires data to be collected

• Raw data is then analysed to draw conclusions and make predictions

• Can use software/AI to help gain insights, examine customer interactions

• Also used to identify most successful marketing strategies and methods

​​Technology - AI and Data