Essay: Decline Stage of Product Cycle

17 Oct

Essay: Decline Stage of Product Cycle

Sample Essay

In this stage, the sales volume and profits fall and the firm has several option, these include;

  • The firm can rejuvenate the product¬† and therefore maintain it in the market
  • The firm can reduce the price and continue to offer it to the loyal customers
  • Remove the product from the market completely

The porter generic strategy is very effective in this stage,

besides, the firm can use other market strategies and the firm can either use the above option but it is of paramount importance to note that in this stage of the product lifecycle, critical decisions have to be made. Market segmentation plays a major role in this stage. A harvester type of a sales person is required in this stage and costs of promotion should be reduced unless the firm intends to re-position the product. The marketing mix for this product depends on the market strategy selected

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