MM Considerations
Some competition drop out
Need to time and execute properly the introduction, alteration and termination of a product.
Cannibalization strategies to introduce new products.
Need to manage product mix through their respective life-cycles. When to decide to introduce new (modified) products that compete with the current product offering.
With high-tech products, need to consider introducing new (and competing) products as the existing product is still in the growth stage of its life cycle.
Different types of Life Cycle Curves
Fad Curve
Fleeting fashions vs. lasting shifts in consumer preference. Cannot differentiate between the two using usual marketing tools like focus groups.
"Hand anyone a hula hoop, and they'll have fun with it--at first"
Seasonal Curve
Life cycles that vary by season, clothing etc.
Developing and Managing Products
To compete effectively and achieve goals of an organization, the organization must be able to adjust its product mix.
Need to understand competition and customer attitudes and preferences.
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