This paper discusses product life cycles: infancy, adolescence, maturity, and aging, plus the release (birth) phase.
Written in 2004; 1,210 words; 2 sources; MLA; $ 41.95
Paper Summary:
This paper explains that the price component of the marketing mix will vary according to the specific phase in the product's life cycle. The author points out that, in the release phase of the product life cycle, the company can generally use two strategies, depending on whether it decides on a high or a low release price. A high release price strategy is also known as a market skimming or a low cost strategy for a quick penetration of the market. The paper relates that the mature phase of the product is characterized by stabilized sales and growth rates, and the company will tend to enter a defensive or even analytical phase.
From the Paper:
"The adolescent phase of the product is characterized by "strong (exponential) growth of the sales volume, concurrent with an increase in performance, features and product variants" . The product is now situated in the stars corners from the BCG (Boston Consulting Group) matrix, with high sales and a high rate of growth. If this is the case, then the company can choose one of the offensive price strategies, so that it can exploit both the high sales and the potential growth. One of these strategies is the outpacing strategy, which assumes that the competitors can be dominated through both price and quality of the product."
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