Retail Fashion Advertising for Youth
The new age youth comprise a major chunk of potential market for the international fashion retailers and hence they tend to focus exclusively on this segment. Marketers have further divided the youth into kids, pre-teens, tweens and teens depending upon the age groups. Marketing and advertising aims to build brand awareness as well as promote […]
Customer Loyalty and Satisfaction
Most of the organizations have murkiness in considering customer loyalty and satisfaction. They feel that both are same and a satisfied customer is always loyal to them. But this is not true as the customer can be delightfully satisfied but he may be or may not be loyal. This is because satisfaction an emotional and […]
Innovation and Product Management
Innovation is the name of the game as far as companies in the 21st century are concerned. To compete effectively in the marketplace of this decade, companies need to either innovate or perish. Hence, innovation is the latest buzzword among the corporates. The innovation cycle as applied to product management consists of three stages: The […]
Future of Advertising – Change or Die
Advertising is still all about the ‘ifs and buts of a product’, presented in a glowing rainbow like picture trying to attract consumers — but what is the future of advertising in coming years? Lets go way back when the idea of advertising a product was regarded as some kind of a big deal. Then […]
Changing Times Need Changing Approach towards CSR
The world is changing before our eyes and whether one actively participates in that or is a bystander, the changes affect all of us. This is true in the business world as well where resource crunch, power outages and labor unrest means that companies have to take extra precautions to survive the present times. When […]
It is crucial to understand the complete product life cycle before introducing a new product or service in the market. One needs to understand that every product goes through certain stages starting from inception to its manufacturing, marketing, branding and finally losing popularity in the market. It is essential for the organizations to manage the product life cycle well as it ensures the product is launched successfully in the market and also gain popularity in no time eventually leading to increased sales and profitability of the organization.
Let us understand product life cycle in detail:
Understand the expectations of your target audience and how your product should offer something extra than your competitors. Know what you want. This is one of the most crucial stages in product life cycle as it decides whether the product will be able to survive the fierce competition and give other available brands in the market a run for their money.
Planning at this stage is extremely crucial. Decide as to what the technical specifications should be, tentative price, target audience and how the product needs to be marketed. Jot down each and every detail neatly on a piece of paper so that you do not miss out on anything.
Make sure you never compromise on quality so that the final product not only meets but exceeds customers’ expectations. That’s the reason why organizations have a separate quality department who check each and every product thoroughly to ensure hundred percent product satisfaction. The checked product then goes to the packaging department and finally to distribution channels.
Tie up with a good advertising agency who designs a catchy advertisement for your product.Get pamphlets distributed, hoardings and banners displayed at the most strategic locations for maximum visibility.
Remember, information needs to flow in its desired form among all the stages of product development. Coordination is extremely crucial as the next stage is totally dependent on the previous step. Communication needs to be effective among all team members so that everyone is clear about his/her roles and responsibilities and contribute to the maximum.
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