Question

1- What are the stages of the product life cycle? How does the stage of the life cycle a product is in affect marketing strategy (e.g., decisions regarding pricing, promotion, place, and product)?

2- Why is services marketing important?

Answer 1

1. The various stages of the product life cycle are Introduction, Growth, Maturity and Decline. The stage of the life cycle a product is in affect marketing strategy is a big way, as the strategy that includes decisions like pricing, promotion, place and product have to be made accordingly. Fr example, a product in the introduction stage would require a very aggressive promotion to increase the awareness of the product, whereas a product in a maturity or decline stage would require much lesser promotion.
2. Service marketing is very important in todays business world. It is important as it plays the role of a key differentiator, helps in retaining customers, enhancing relationships with customers and creating brand awareness.