Business Essay Example | Topics and Well Written Essays - 500 words - 5

Business - stress Example(Keegan & Moriarty, 1998)3. GROWTH do It is a stage of Product Development in which the overlap starts selling and profits are higher as compared to the initial stage. Sales starts climbing quickly and the expenses are set out because the product has been catered in the minds of the bell ringer audience and everyone is familiar with the product. It is stage where comp all doesnt do any type of marketing and promotion expenses and tries to cover all the expenses that has been done in the Introduction stage. (Kotler & Armstrong, 2001)4. MATURITY STAGE It is a PLC stage where the product sales slows and eventually becomes zero. It is a stage where the product is matured and the consumers deprivation some new product to be catered to them. Companies move over certain strategies to their product to cater the changing call for of consumers and try to save their product from going in the decline stage. There are three strategies that managers apply in matur ity stage (Keegan & Moriarty, 1998)i. Modifying The Market It is a strategy in which company tries to modify its target Market by catering to different types of consumers according to their needs. The company posterior also reposition their product to appeal to different segments of the market. (Keegan & Moriarty, 1998)ii. Modifying The Product It is a strategy in which the company tries to modify its product by changing their characteristics such as features, quality, packaging or changing the style of a product. By doing this can attract consumers as they will see a different picture of that product. It can also alter product performance as well as reliability. (Keegan & Moriarty, 1998)iii. Modifying The Marketing Mix It is a strategy in which company changes one or more elements of Marketing Mix such as price, the product packaging, the show of product and etc. It can also do new marketing techniques to appeal their target