5 Stages of The Product Life Cycle
There are 5 stages to the product life cycle. Introduction, growth, maturity, decline, and decision point. Introduction is when something has just come into the market. Growth means the product is getting somewhere and people are starting to like it. This satge is the most important out of all of them. If this stage fails, all else fails with it. Maturity is when the product is at its peak; it is or has been selling great. Decline is when the product starts to slowly lose sales. Decision point is when they decide if they should take the product off the market or not. Examples of the 5 stages of the product life cycle are in a PowerPoint below.
Target Market
Innovators are those people that want the next best thing. They would be the type of person that would camp outside and IPhone store just for their greatest and latest products. Early adaptors are those people that have don’t have the newest product, but have the next best thing. For example, they might have a Samsung Galaxy S2 while the innovators have the new IPhone 5. Majority is what most people have or still have. For example, most people still have the 4th generation Ipod. The next one is late majority, these people would have an Ipod nano. Lastly is the laggards, these people are stuck in the past with old products. For example, while everyone has IPhone’s and Samsung’s these people have the old Blackberry’s. Below in an Xtranormal that I made explaining this in a date.
Maslow's Hierarchy of Needs
Maslow’s hierarchy of needs is an important part of marketing. In a business you want to fulfill your worker’s needs. The first part of fulfilling a workers need is the physiological stage. This is where they need food, water, and shelter. Giving workers breaks and adding vending machine and water coolers can help fulfill these worker needs. The next stage is safety, they need to feel safe and take the proper precautions. Workers can feel safe if you give them proper training, showing them the area of where they will work and make sure they know the rules of the workplace. The third stage is affiliation; friends and relationships. To fulfill this stage you can do organized activities, such as taking everyone golfing. The fourth stage is esteem and success. To fulfill this stage tell them they did a good job and maybe even reward them. If they are trying, tell them good try and motivate them to try again. The stage to Maslow’s hierarchy of needs is self-actualization. Below you can see Maslow’s hierarchy of needs.
Age Groups of Marketers
Below is a video that goes onto explain the age group of marketers. It gives a definitions of each age group and specific examples to go along with it.
Important Definitions
Primary Market - most likely consumers.
Secondary Market - other occasional consumers.
Market Share - a company’s sales as a percentage of total sales for that market.
Niche Market - a small section of a market, which has little competition.
Consignment - allows retailer to return unsold product to the manufacturer after displaying them for a period of time.
Bust - when a product is pulled before it has recaptured the costs of production.
Gatekeeper - person who oversees care of another. Example, parent.
Glut - An oversupply of goods sometimes due to an over estimation of demand
Secondary Market - other occasional consumers.
Market Share - a company’s sales as a percentage of total sales for that market.
Niche Market - a small section of a market, which has little competition.
Consignment - allows retailer to return unsold product to the manufacturer after displaying them for a period of time.
Bust - when a product is pulled before it has recaptured the costs of production.
Gatekeeper - person who oversees care of another. Example, parent.
Glut - An oversupply of goods sometimes due to an over estimation of demand
