Sample Essay – Product Life Cycle Introduction Stage
Product Life Cycle Introduction Stage – The solution stage is a stage in which the firm attempts to create market awareness to gain entry into the market. The product there tries to meet a certain identified consumer need and brand names and trademarks try to establish themselves in the market as the firm targets the early adopters.
Though at this stage profits are hard to realize due to the high cost of production and the firms do not enjoy the economies of scale, the best marketing strategy to adopt is the innovation strategy and the firm is faced with several challenges such as trying to satisfy the customer’s (market’s) specific needs.
The firm can sell its products at a high price to meet its initial costs or sell at a low price to win more customers from the competitors and win a good proportion of the market share.
Placing (distribution) of the product is carried out selectively till the product is accepted in the market while the promotion is carried out to educate the early adopters of the product about the product.
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