Brand Life Cycle
The three phases through which brands pass as they are introduced, grow, and then decline. The three stages of the brand life cycle are the introductory period, during which the brand is developed and is introduced to the market; the growth period, when the brand faces competition from other products of a similar nature; and, finally, the maturity period, in which the brand either extends to other products or its image is constantly updated. Without careful brand management, the maturity period can lead to decline and result in the brand being withdrawn. Similar stages can be observed in the product life cycle.
Brand Life Cycle and Strategy
Generally speaking, every brand or product has its life cycle which spans from the time it is launched to the time it exits from the market. This cycle covers five stages, namely product development, introduction, growth, maturity and decline. The life cycle of each and every brand or product is different, and different advertising strategies should be adopted at different stages to suit the marketing targets and market environment in order to achieve the best marketing results.
Product Development -- This is the stage of design, production and research carried out by a company to ensure that its products can meet consumer needs through sufficient market survey. The company will also improve its products in the light of market response and gradually build up its brand.
Introduction -- During this stage, the product is introduced into the market and publicity campaigns are launched to promote its functions, features, quality and usage and attract customers to try out or buy the product.
Growth -- The branded product begins to build up its following among consumers during this stage. The cumulative effect of marketing begins to show and the market share expands. However, the company must further step up its advertising efforts, and the advertising must highlight the characteristics and value of the product.
Maturity -- Brands or products in the maturity stage have a considerable market share and have reached their sales peak, with growth beginning to slow down. Brand influence at this stage is at its height and the kinds of marketing strategies to be adopted are many.
Decline -- Brand awareness is high but sales are on the decline. Other characteristics of this stage include falling prices, weakening competitiveness and emergence of new products.
The same product or the same company may experience different life cycles in different markets.
Product life cycle is an important marketing concept which divides the sales history of a product into distinctive stages (Vashisht, 2005). These different stages would present their own opportunities and opportunities and thus call for different strategies for marketing practitioners. Generally, a product would goes through four stages including introduction, growth, maturity and decline. Home theatre products seem to head towards its declining stage with its sales dropped by about 10% in 2012 in Australia (Euromonitor International, 2013). Its profit is also dropping with more generous pricing competition in this market. However, there is a new trend emerging that could transform the competition landsc...
early stages as a new product on the market. If a company has a good
Thus new products/line extensions will be based on Allround brand, each one with a unique target market, delivering different value proposition to the respective customer.
Some conclusions in this proposal rely on the determination of the lifecycle stage of the product category. The lifecycle stage - whether introduction, growth, maturity, or decline – provides a useful starting point for product portfolio management, and is used to guide decisions of retiring, redeveloping, or replacing products. In general, growth means an increasing market share, maturity means demand still exists but the market is approaching saturation, and decline means the product is becoming or already is obsolete.
Chapter 6 covers the “product life cycle”. Product life cycle is series of stages a product goes through from the time it is launched into the market until the time it is removed from the market. Cactus Rose is currently in the stage of growth. Since, Cactus Rose has been around the town of Wilton for just a couple of years, it is considered as one of the best fine dining area around town. The restaurant can still can be enhanced and promoted and gaining the people around town’s full support. Eventually, it will reach its full marketing potential in the near
Sarkar, A. N., & Singh, J. (2005). New paradigm in evolving brand management strategy. Journal of Management Research, 5(2), 80-90. Retrieved from http://search.proquest.com/docview/237238894?accountid=28644
The cash flow starts to gain more. revenue. The ad is Maturity: Sales growth begins to slow as market saturation is. approached by the adolescent. Sales are kept going by those who are late to adopt new products.
In five years, the tactics used to advertise the brand will differ greatly because by that time the brand should already have a solid customer base and should be recognized by a big number of potential
Once the target market has been identified it is important to develop a marketing strategy. In today's fast paced, information overloaded society; conveying a message about a product seems to be more difficult than ever. The consumer is bombarded with advertising everywhere they look. Today advertising not only exists on television, radio, magazines, and newspapers, it can be found on billboards, park benches, in our mailboxes, on buses, taxis, at sporting events, and on clothing.
Michael Porter tells us how the life cycle works through stages, first of which is the development phase, into the introduction, growth, maturity, and decline. Hunsk motors didn’t carefully take into account each phase of its product sold, and lacked the ability to connect consumers towards the motorcycles identity. By introducing...
The second step deals in creation of proper brand meaning through powerful and unique brand connection with the customers. The third step involves invoking positive brand response while the fourth one involves engaging the customers so as to build a brand affiliation aimed at enhancing active brand loyalty. However, some building blocks are requ...
Apple Inc., is an American multinational corporation start with a focus on designing and manufacturing consumer electronics and closely related software products. Established by Steve Jobs and Steve Wozniak, in Cupertino, California on April 1, 1976.
Due to the fact that changing times imply as well a change of society and its changing wants and needs, companies have to be aware that a brand’s position should be adapted to a newly developed lifestyle. “All brands need to be revital-ized on a regular basis in order for them to be kept fresh, vital, and relevant to the contemporary market.” (Keller/Sterthal/Tybout 2002, p. 86).
He listed these five factors as follows: “(1) informing, (2) influencing, (3) reminding and increasing salience, (4) adding value, and (5) assisting other company efforts.” (p.246). To clarify that, the first most important aspect is informing people, which means company needs to enhance the awareness of the consumer about their products by mentioning its advantages and features. Advertising also affects the products in two ways. Firstly, by basic demand, which builds consumer desires for old products of the company and secondly, refers to a new brand of the company.
There are many elements affecting to the success of a launching. The basic factor is to develop product that satisfies consumers’ demands and maintain the brand promise. However, consumers are not only looking for the quality of product but also concerning about the price, the promotion and so on.