Impressions of a brand within customers’ minds which represent the brand.
At this point of time sales start to grow quickly. Advertising is more persuasive and prices are reduced a little for competition. Profits start to be made.
Goods which are used by people
Services that are made for people
Products that are made for the use of other businesses
Services that are made for the utility of other businesses
A full-scale working model of the product
Unique name of a product that distinguishes it from other brands
When consumers keep buying products of the same brand again and again over a competitor’s brand.
The physical container or wrapping for a product which often adds value and appeal to the product.
Product Life Cycle
A series if stages a product goes through
At this stage the product’s prototype is being tested and market research is conducted before the product is launched to the market. There will be no sales at this time.
At this stage the product is launched into the market and sales will grow slowly. Advertising is used to increase awareness and no profits are made at this time.
At this point sales now increase slowly and profits are at their highest. Competition is intense and pricing strategies are now competitive or promotional pricing. A lot of advertising is used to maintain sales growth
Sales now stabilise at their highest point. Competition is still intense but there are no new competitors. Competitive pricing is used. A hight and stable level of advertising is used, but profits start to fall as sales are unvarying and prices have to be reduced for competition.
Now sales start to fall due to loss of appeal or new products being launched in the market. The product is withdrawn from the market when sales and prices have become so low that it is now virtually unprofitable. Advertising is decreased then eventually stopped.
Techniques to prolong the product life cycle of a product and delay the decline stage of the product life cycle.