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Answering these questions ensures that you develop a strong structure for your product that will help you market the product successfully. Another factor that you must study well is the product life cycle, which includes: Product life cycle Product development stage. Submission stage. Growth stage. Maturity stage. Sales decline stage. Product development stage This is the stage in which the product begins as an idea and then begins to develop through research and experiments until your product is ready to enter the market. At this stage, you must study the market well, study the needs and problems of customers, and know the desires that customers want to achieve so that you can develop your product to meet these desires. It must be tested in the market before launching it so that you are not surprised by the failure of the product.
Submission stage At this stage, the product is at the beginning of a journey to get to know the market and customers. At this stage, profits are few, and here comes the company’s role in spreading the product’s marketing message and promoting it through intensive advertising campaigns and advertising until awareness of the product increases and customers accept to buy it. The customers of this stage are called “risk-takers.” This is the category that prefers to Nigeria Email List try everything new in the market. Growth stage It is the stage of rapid and strong product development, as the advertising for the product has paid off, the product has become known to customers, and demand for it has increased. It is the stage in which sales increase and profits increase with them. This stage is considered the period of greatest prosperity for the product, so the company must exploit this stage by intensifying advertising for the product. And open new markets for it. Maturity stage Product development at this stage has become slow and sales have become almost constant. Here the company is working to maintain a stable sales rate to maintain its position among competitors. Sales decline stage At this stage, the product's selling curve begins to decline, profits decrease, and customers move away from the product to new companies.
Here, the company must make a decision to either retreat and withdraw from the market or attempt to develop the product in order to compete with it again. After studying the product thoroughly, the product must then be priced in a way that ensures profits, so we must understand the product pricing mechanism. Pricing in the electronic marketing mix Pricing in the electronic marketing mix It is the second element of the electronic marketing mix, and its importance lies in being responsible for the profit process. In the end, the primary goal of the marketing mix, strategies, and marketing plans are all to achieve high profits, and pricing contributes greatly to building a mental image of the product in the minds of customers (Positioning ) Because many customers link the price of the product to its quality, so lower pricing can lead the company to lose customers.
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