Every product being manufactured is having a life cycle. Every product passes through different stages like an introduction into the market, growth and declining oversaturation. various strategies need to be adopted during the marketing stages by MBA professionals during these stages for the promotion of products.
The first step after the creation of a product is finding a market for it. During the research and development stages marketers might have found which location will be suitable for the introduction of their products. It is the duty of marketing professionals to create strategies for the products through advertising methods. It is also essential to make the products easy to distinguish from its competitors and creating brand awareness is also essential.
After the introduction phase, the company will be focusing on increasing the sales and profit through expansion in the market. At this stage, the MBA professionals should focus on increasing the advertising and publicity to make the products reach the end users quickly. The distribution system should meet the demand and the focus should be on keeping the customers happy with the products.
The next phase will be increasing profit and the amount of money spent on advertising will be lower as there will be enough brand value for the product. It is essential for the organization to keep the market share consistent from different locations. During this stage, it will be good to make the existing customers loyal to the brand by providing promotional offers.