When you extend your marketing product life cycle, you increase your profits. The longer life you infuse into each of 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.

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

You have to market hard to nurture your baby product. By showing it off and emphasizing how it benefits potential customers, you can get its life off to a god start.

Your primary marketing goal at this stage of your marketing product life cycle 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 at this stage of your marketing product life cycle.

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 and you 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 is time to nurture its growth through childhood with a marketing growth spurt.

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 of the marketing product life cycle 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 development cycle successful by:

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

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 marketing product life cycle 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.

It provides research to successful marketing your product through all stages of the marketing product life cycle.

Read more about how to extend your product life stages through the Mature Stage and Decline Stage You can get a free report on my matrix market segmentation process by completing the form in the upper right corner of all my posts.

Submitted to article directories 4-22-08: Birth and Growth Through Your
Marketing Product Life Cycle

Bookmark It