The product life cycle stages show how a product transitions through its NPD (New Product Development) stage to growth, maturity, saturation, and decline. This is an important tool for marketers and business owners. Because it helps to plan the investments required, and forecast the profitability that the business can generate throughout the lifespan of a product.  Various marketing strategies are used at each stage to maintain the product’s competitive edge and sustain its demand in the market while those that do not stay abreast with innovative strategies and changing demand patterns are bound to decline. Product Life Cycle Stages The figure below illustrates how a new product transitions through different product life-cycle stages during its entirety. Following this, we’ll discuss each stage briefly to explain what happens when any product passes through. New Product Development: This is where the product idea gets conceptualized and developed after which it is…

Marketing tactics are strategic methods and high-level ideas that help promote the goods and services of a company and facilitate sales and maintain a competitive edge over other players in the market. Good marketing tactics increase business efficiency while at the same time satisfying customers. Tactical marketing focuses on tactics a business employs to enable and streamline tasks as per the devised strategy. For instance, if there is a requirement to increase product penetration in the market by 10% then a strategy is needed to increase manufacturing, distribution, and advertisement to persuade consumers to buy the product repeatedly perhaps through offering a better value proposition. If a marketing tactic is highlighting the company spokesperson through motivational speaking then you would highlight that person through videos uploaded and live transmissions on social media platforms (Facebook, Twitter, Instagram, LinkedIn, blog posts etcetera), article placement in business journals and newspapers, and interview placements,…

Before we dive into describing the different types of products, let’s start by defining what a consumer product is. Simply put, a consumer product is something that has been purchased by the end consumer or a household for their consumption. 4 Different Types of Products There are four different types of products as we explore this concept in-depth, these are; ‘convenience products’, ‘shopping products’, ‘specialty products’ and ‘unsought products.’ Convenience Products: These are the most frequently bought products which do not require a lot of buying effort, and are often bought immediately without much comparison to other brands. These are purchased often and fall in routine, thus appealing to a large market. For instance, sugar, salt, hair brush, or laundry detergents etcetera fall in the category of convenience products and are low priced and readily available when needed. Because of not having a high price, companies must sell…