When a new product is considered by an organization, to ensure its success, it must endure the product life cycle. Product growth depends upon marketing trends and economic circumstances to thrive, and pricing, brand image, promotion and distribution are equally important in product life cycle management.
Product life cycle management requires knowledgeable and experienced individuals to guarantee successful outcomes. Brand life cycle is integral to product development, as a strong brand name and image secure recognition and loyalty. Products will have the greatest opportunity for success if they have individuals supporting each stage of the product life cycle.
1. The product life cycle model, comprised of a series of steps, requires organizational commitment to certify product success.
2. Product growth is dependent upon market factors and economic conditions.
3. The brand life cycle model integrates marketing, promotion, pricing and distribution to facilitate product success.
Increase product life cycle growth through a unique mix of marketing and promotionConsider product variations. Consider the Coca-Cola product life cycle, which created variations of its Coke products, such as Cherry Coke and Vanilla Coke. Otherwise, other competitors are likely to take over market share with their own variations. The benefits of the product life cycle are many, but the pharmaceutical industry has its own series of advantages, designed to increase profitability.
Demonstrate that a new product is capable of a long life cycle by considering long-term capabilitiesProducts that are successful over the long term capitalize upon marketing strengths and brand image, in addition to consumer loyalty and overall value.
Evaluate software products in terms of their valueThe software product development life cycle requires manual testing of software product design to guarantee success in marketing and distribution. Since computers are important to daily living, appropriate testing measures are integral to gaining confidence in product offerings and to encourage product loyalty.
- Consider how a new product will best suit the desired target market through effective product planning and distribution. The product life cycle model should emphasize the strengths of the product and should be publicized in all marketing and promotion campaigns. Develop brands that are likely to have the best possible chance of long-term success, despite ever-changing economic patterns.