The first P of the Marketing Mix is Product. It is the bases of the marketing mix of a company. It is important for a company to develop the perfect product for the right market. Here we will look at the various types of products and the life cycle of a product. Let us get started!
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Products are broadly classified into two categories – consumer products and industrial products. Consumer products are products that the ultimate consumer purchases himself for direct use. The consumer purchases these consumer products to satisfy his personal needs and desires. Some examples of consumer products are toothpaste, eatables, textiles, computers etc and various such products.
Now there are many types of consumer products as well. Let us take at the classification of consumer goods based on the shopping effort involved:
These are products which are used as input for manufacturing other products. Unlike consumer goods, these are not for direct consumption. These are meant for business and non-personal use. Some examples of industrial products are raw materials, machines, tools etc.
Here the demand for industrial products is limited. Since they are not consumer goods the demand for them is not vast. The three broad categories of Industrial goods are as follows
Product life cycle is a representation of the cycle through which each product goes through from introduction to decline and eventual demise of the product. The Product Life Cycle helps us recognize which stage the products are in. Accordingly, the company can adjust their marketing strategy to make most of the conditions.
There are four distinct stages in a product’s lifecycle. Right from the introduction of the product in the market to its end. Every stage has its own distinct features. And the company should change its marketing strategy every time the product makes its move from one stage to another. Let us take a look at the four stages.
As the name suggests this is the stage of introduction of the product to the market. At this stage, the demand for the product is only a proved demand and not effective demand. This stage is categorized by the following features
This is the second stage of the product lifecycle. Now the sales begin to take off and the product becomes well known. Some other characteristics are
This the terminal stage of the products, they are no longer relevant in the market. So the end of this stage is the eventual demise of the product in the market.
Q: What are the characteristics of the Decline stage of the life cycle of products?
