In Throughout this article, many terms were given

In
the business industry, it is important that the product life cycle, which is
composed of many phases that businesses and products go through during its
lifetime, is understood and highly and well maintained by the managers. The
product life cycle is mainly divided into five different stages including,
development, introduction, growth, maturity and decline. Each stage has
different characteristics and results that require different responses to
remain competitive and successful within the market (Lorette, 2017). Market mix
is a mode that business managers use to address the many differences in stages
within the product life cycle. Market mix uses various marketing strategies to
address different stages of the product lifecycle uniquely. This article
provides an overview of the importance of understanding the product life cycle
along its different stages, but it does also demonstrate the advantages that
can help business owners and marketing managers in planning a marketing mix to
address each stage of the product life cycle. This article provides a
qualitative and quantitative summary of the product life cycle overall importance
in the business industry for any types of organizations.

Throughout
this article, many terms were given and defined to help understand the product
life cycle in a business market. The author gave explicit relations and
explanations of each different stages in the product life cycle and the
importance of each of them in a mix market. Depending on the current stage a business might be in the
product life cycle, a product will often have diverse marketing, financing,
manufacturing, purchasing and human resource requirements. Many findings were
given in that article. For instance, in the market introduction stage, which followed
the product development, the product is released on to the market; also, sales
are usually less, and costs are more in that stage. Thus, there are no profits because
there is less to no competition, and demand must be created through substantial
promotion.

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In
the introduction stage, it was found according to the studies that it helps
business managers to plan on aggressively engaging in the marketing, which can
help them gain the needed exposure, modernizers, new customers, and clear entry
point into the market to create a demand for their product. Other findings were
also found in the growth stage such as being able to be identified through the
increase in clients, product demands, and revenue. It is shown that the use mix
marketing can deliver more ways to encourage further growth by exhibiting
diversity in the services offered and branding among other techniques to
differentiate a business among others in my market. This can demonstrate to clients
why a business is superior to others and why its products are favored in the
industry (Lorette, 2017).

In
the maturity stage, it shows how business managers can preserve significant gains
in competition after establishing its mark in the market. It also provides
methods that can help to continue to build customer loyalty, increase
following, and market stake. A great need of the utilization of marketing mix
techniques was found very helpful in the establishment of this, and helps to
add value and give personalized incentives of the business that can help clients
make their decision to switch when comparing one business against its competitors.
Nevertheless, in the stage of decline, some important findings were illustrated
for those managers who are in that stage. This stage was found to be a stage
that business managers can also use marketing mix techniques to approach the
decline in business, saturation, and overall marketing efforts. For that to
happen, they can initially attempt to manipulate their approach to the market,
reinvent their methods and reinforcing the brand image of their product to stay
in a positive light in the eyes of current and potential customers (Lorette,
2017)

In
overall, the product life cycle method is a vital concept that can help any
business managers or leaders in any type of organizations. It can help
marketing managers to plan well and have alternate marketing approaches to address
the existing or upcoming challenges that their businesses are likely to face in
the industry. With that, I personally believe that understanding the product
life cycle along its different stages and the concept of mix marketing in
relation can help me to better plan and manage by practice. This will allow me
to will use the product life cycle to effectively address my market, its
issues, and its competitors by engaging in the marketing mix. In the
developmental stages, I can plan on not only to engage in implementation at
this point but mostly to plan, by engaging more in research and planning
efforts that I can use when launching my practice. With the application of
product life cycle concept, my practice will be able to monitor its development
and growth outcomes over time in terms of health services offered and patients satisfaction
while keeping alertness to my practice and potential patients prior to launch,
through marketing campaigns, and special promotions. (Lorette, 2017).

Reference

Lorette, Kristie.
“How Would the Marketing Mix Change at Different Stages of The Product
Life  

          Cycle?”. Smallbusiness.chron.com.
N.p., 2017. Web. 24 May 2017.