When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each stage of your marketing product life cycle, the more money you make.

If you are a small business owner that extra profit can mean the difference in success or failure, a good business or a great one.

The first two stages breathe the most life into your profit potential and are the focus of this article.

Marketing Product Life Cycle:
Introduction or Birth Stage

The introduction stage of your marketing product life cycle represents the birth of your new product, with marketing giving it life. Like a child your marketing in this stage requires your time and money without giving much back.

You have to market hard to nurture your baby product. You show it off and emphasize how it benefits potential customers to get its life off to a good start.

Your primary marketing goal at this stage is to build demand for your baby product and to recoup your research and development costs. But because your product is so young, it is not popular yet. Demand is low, while prices are usually at their highest.

But you may want to keep prices low to encourage more people to discover your new product. Keeping prices low and offering promotions and incentives to attract initial customers helps you to attract your new product’s greatest admirers and potential buyers. It separates them from everybody else and determines to whom you should direct your marketing birth announcements.

Write and time your birth announcement. Marketing to your target market for your new product will reap far more profits than if you direct your announcements to everyone.

After you have christened and promoted your baby product to the world, it’s time to nurture its growth through childhood with a marketing growth spurt.

You can read more about birthing your product at the page linked below:

Ten Steps To Create A Strategic Marketing Plan For A New Product Part 1

Marketing Product Life Cycle:
Growth or Child Stage

As your marketing grows, you must continue to win more customers, retailers, and distribution avenues.

You must assure that your target market gets to know and like your new product. Sustained marketing growth assures that you sell more, and your profits increase.

Your marketing goal at this stage is to introduce your child product to as many target market members as possible.

Market segmentation will aid you in growing your product through this stage of the marketing product life cycle successfully by:

• discovering more target markets for the product,
• differentiating potential retail partners to determine those providing the best fit with your product, and
• determining the best geographic areas for new growth, and the best distributors to reach those areas.

Marketing Product Life Cycle:
Conclusion

Although this article and many marketing experts present the marketing product life cycle as though it is definite and concrete, in reality products move through the stages differently just as children mature differently.

But unlike a child, you want your product to spend as much time as possible in the growth and following stages.

Market segmentation can extend the marketing product life cycle and the total life of your product.

Read more about how to extend your product life stages through the Mature Stage and Decline Stage

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Birth and Growth Through Your
Marketing Product Life Cycle

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