Title of Paper
July 04, 2016
Team Strategy & Positioning Analysis Part 2
Summarizing marketing strategies that relate to product life cycles, during the introduction stage (Roger A. Kerin, 2015), the breakfast menu items are promoted to generate responsiveness and improve a market for the item for consumption. In the growth stage, In-N-Out will seek to construct brand desired and to escalate market share. The main objective of the “maturity phase” is to protect market share and yet capitalize on revenue. In-N-Out will decide how to dispense with breakfast menu during the decline phase. The vendors must take care not to miss chances by means of ensuring strategies based on the breakfast menu’s life cycle model too closely. (Roger A. Kerin, 2015)
Product Life Cycle
“The process wherein a breakfast menu is introduced to a market grows in popularity, and is then removed as demand drops gradually to zero”. (Roger A. Kerin, 2015). Below is the table of the product life cycle stages and the different marketing characteristics that convoy and classify them.
“The item for consumption’s life cycle is a recognized structure in marketing. Product normally goes through four phases: Introduction, growth, maturity, and decline. After a period of breakfast menu items introducing or launched into the market. It will gain more and more customers as it grows and, ultimately, the market will become stable and it becomes settled. Then after a period of time, the breakfast menu items will overtake by the development and the introduction of superior competitors, which then goes into decline, and is eventually withdrawn. At each phase, marketing approach fluctuates”. (Roger A. Kerin, 2015)
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...r items to faithful niche sector. By discontinuing the items, liquidating remaining inventory. (Impact of the Product Life Cycle on Marketing Strategy., 2016). “By imaginatively repositioning their products, companies can change how customers mentally categorize them. They can rescue items struggling in the maturity phase of their life cycles and get them back to the growth phase. And in some cases, they might be able to take their new items forward straight into the growth phase”. (Roger A. Kerin, 2015)
The impact of the Product Life Cycle on Marketin Strategy. (2016, May 26). Retrieved from Boundless Marketing: www.boundless.com/marketing/textbooks/boundless-marketing-textbook/product-9/product-life-cycles-69/impact-of-the-product-life-cycle-on-marketing-strategy-348-10771/
Roger A. Kerin, S. W. (2015). Marketing. New York, NY: McGraw-Hill.
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