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Product Marketing Strategy helps manufacturers with product marketing, product strategy, and marketing strategy to maximize profitability over the product life cycle.

Posts Tagged ‘Product Life Cycle’

Product Life Cycle as a Map

Jul 04 2013

Product Life Cycle in Meadville, PADeveloping a great product marketing strategy without understanding the product life cycle is like playing darts in a dark room. The likelihood of hitting your target is not very good. There are so many variables to be considered in developing a successful strategy that a framework like the product life cycle can be a huge advantage.

The Product Marketing Strategy Today website covers all aspects of developing the marketing mix. There are both internal and external considerations and everything can vary depending upon the stage of the life cycle that the product, brand or company is undergoing. The “Get Smart, Get Focused, Get Results” model we use in all our marketing efforts begins with “Get Smart”. It is imperative that every marketer gather as much information as possible before undertaking any new marketing effort and then continue to gather information. Good product marketing strategy is like driving a car.

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Marketing Mix Strategies

Apr 17 2013

Marketing Mix Strategies

 

Marketing Mix Strategies are continuing to evolve from their original beginnings in the 1940s. It all began with the 4 Ps of Product, Price, Place and Promotion. In the beginning, the  marketing manager was known as the “mixer of ingredients”. Sometimes the recipe was fairly standard, other times it would be developed as  things moved along. Sometimes it was created from available ingredients and other times new ingredients were added.

In the continuing evolution of the marketing mix strategies, the 4 Ps grew to be 7 Ps and then 8 Ps. Other strategists came along and developed the 4 Cs of Consumer, Cost, Communication and Convenience. That, of course grew into the 7 Cs. Ps or Cs is more a question of perspective as the Product is the definition of the features of the product required to meet the needs of the Consumer.

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“Blue Ocean Strategy”

Apr 10 2013

Blue Ocean Strategy

 

“Blue Ocean Strategy” was published in 2005 and presented ideas about, “How to create uncontested market space and make the competition irrelevant.”  This book provides a new approach to addressing the age old problem of “The Product Life Cycle.” Blue Ocean Strategy has done it in a way that makes tremendous sense.

W. Chan Kim and Rene’e Mauborgne studied 150 strategic moves spanning more than a hundred years and thirty  industries. They have concluded that industries never stand still (Product Life Cycle) and that there comes a time when the competition creates a red ocean (decline stage) where profits are reduced as companies fight over the existing business. Most strategy at this stage focuses on how to compete in this red ocean while the opportunity lies in creating new industries or recreating existing ones to create blue oceans where there is no competition and it will take some time for any potential competitors to catch up.

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Decline Strategies

Apr 01 2013

DeclineDeclining sales define the decline stage. Profits are also declining. Costs will remain steady or decline. Now is the time to prune unprofitable distribution. Advertising should be reduced unless there is some hope of repositioning the product in an effort to prolong its life and the potential for profits. At this point your product has become a commodity. The salesperson ends up dealing with a re-buyer and often is responding to requests for quotes. The type of salesperson needed is a harvester, someone who can handle quotations, is good at prospecting, has good organization skills and is well disciplined. The buyer owns the relationship.

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Cash Cow or Dog

Mar 28 2013

Cash CowIn the Maturity Stage of the product life cycle, you either have a Cash Cow or Dog.

Sales reach their peak in the maturity stage, while pressure remains on reducing price. The product must be defended against competitors and promoted to build stronger retail relationships. Distribution is intensive, and profits start out high but can drop quickly. The company works to maximize profits while defending market share. Instead of dealing with the president or merchandise manager, the salesperson is relegated to dealing with the buyer. It is a relationship that the buyer controls and constantly looks for more from the supplier. This takes a salesperson who is a strong negotiator, flexible and persistent. It requires relationship-building and problem-solving skills.

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head-and-sholders  Robert Cannon

   With over 30 years of expertise in marketing, and leadership, Bob creates innovative systems, 
   products and services for small to mid-size manufacturers. Contact Bob today for more information 
   on the Cannon Advantage services and solutions.