Product Life Cycle

23Apr09

4 Adopter categories:

• Innovators
• Early Adopters
• Late Adopters
• Laggards

Managing PLC:

Product Modification: changing product characteristics to boost sales (new color, flavor, product variant, etc)

 

Market Modification:

• Finding New Users (e.g. Sony launching video games for Under 13 age group)
• Increasing Use (e.g. Crest advertising to brush twice daily, increase consumption)
• Finding New Use situations (e.g. Arm & Hammer baking soda, used to deodorize refrigerators)

Product Repositioning: changing the place a product occupies in a consumer’s mind relative to competitors (perceptual map)

Repositioning Strategies

• Reacting to competitor Positioning
• Reaching a New Market
• Catching a rising trend
• Changing the value offered.
• Trading Up
• Trading Down – Downsizing

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