The Product Life cycle

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The product life cycle is very important because there are many different products constantly entering and leaving the market.  The life cycle is needed to determine or estimate how successful a product will be.  Companies should evaluate the product life cycle to determine what changes and innovations are needed to keep the product growing.
Every product begins in the introduction stage.  If multiple companies begin purchasing the product to sell to their consumers then competition has now been created.  Sales should be steadily increasing and the price strategically set low to attract customers.  Once competition is present, the product begins to grow.  Growth and innovation should be constant in order to be the most profitable.  The job of the retailers during the growth stage is to make sure consumers do not buy from competitors.  The price must remain reasonable so that customers are not lost to competitors.
Once products have matured, it is important    to add new features to hold consumers interests.  In this stage, sales should have matured to the highest possible point and eventually lead to the decline.  The decline is caused by change in consumer demands and the development of new and better products.  The most important question during the decline is whether or not the product should be kept of slowly taken off the market.  The product life cycle is valuable because of the constant changes of the products in the market.

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Marketing Strategies

UNIVERSAL CITY, CA - MAY 31:  Actress Sandra B...
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In finishing my first marketing class and reading through my notes I realized there are many products and ideas that I never realized were part of a marketing strategy.  Many of the terms I learned throughout the course I can relate to marketing and advertisements I have received.  For example, on Facebook I used to have the year I was born written on my info section.  Just from writing 1989 I would receive advertisements all along the sides of my browser saying are you 19 and looking for a spring break destination?  I also received many advertisements for textbooks because on my Facebook it says that I am a student.  While taking marketing I learned the connections between my age or occupation to specific ads is created by acquired databases and marketing research.
My introduction to marketing made me more aware of how marketing is hidden all around.  I went to the movies to see the Proposal and within fifteen minutes the main character, Sandra Bullock, was handed a Starbucks coffee.  When she sat down at her desk she blatantly turned the entire cup so that the Starbucks symbol was facing the camera.
At another part in the movie the other main character, Ryan Reynolds, picked up a box of Pringles chips and says they are his favorite snack.  I laughed because that one line added nothing to the movie but probably make a lot of money for the company that makes Pringles.  Now that I have been introduced to marketing strategies they cannot be ignored.

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