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Levitt (2010) contends that market development stage helps in ensuring that new production introduction customer-oriented in order to avoid pitfalls and increase the chances of the product's success. The market development initiatives for this software product will entail identifying the information system needs of organizations and individuals. These needs will be utilized as the critical factors for the creation of a market for the software product. In this case, individual and corporate clients for this software product will be identified based on their information system needs. The software will then be marketed based on its capabilities to meet the identified information system needs of individual and corporate clients.
The second aspect of the introduction of this product is the growth phase given that one of the expected trends in the launch of this software is gradual rise in the sales and profit curve during market development. Levitt (2010) states that the market development stage is usually characterized by an increase in consumer demands, which in turn contributes to the rise in sales and profits. For this software product, an increase in sales is expected during market development as more individual and corporate clients purchase the software because of its capabilities to meet their needs. Since competitors are likely to take note of the performance of this product and develop strategies to counter the product, new distribution channels and retail outlets will be established to reach more customers and increase consumer acceptance rates.
The third aspect of the launch of this software is market maturity, which is a by-product of market saturation. As the company establishes new distribution channels and retail outlets for the software, more individual and corporate clients are likely to own or use the product because of increased accessibility of the…
The manager's understanding of the product nature as well as its place on the cycle are essential to a complete understanding of the need to act or not act. Product life cycles can vary considerably in terms of length. The steam locomotive made its debut in the early 19th century and disappeared from regular service in the UK towards the end of the 1960s. One can still, of course, find
Product life cycle is the different stages of a product's life. The stages are introduction, growth, maturity and decline (QuickMBA, 2010). The marketing decisions will vary depending on which stage of the life cycle the product is in. The self-driving car will be in the introductory life cycle phase when it is launched. During this stage a number of things occur. The brand must be developed and introduced to the
Product Life Cycle of Voice-Activated Television As the latest innovation in television technology, the advent of voice-activated technology represents a fundamental shift in the way consumers interact with their favorite products. Rather than utilize a remote control to operate a device, owners of Television Inc.'s new voice-activated TV set will be able to change channels, adjust volume settings, record their favorite programs and search for upcoming events all through the instinctual
This means that the company must be smart with its distribution, focusing on key retailers and channels to introduce the product to the public. There are exceptions, however. For a lot of consumer electronic products -- smartphones, for example -- companies prefer nationwide rollouts of new products through major telecom distributors. Such a strategy is often supported, however, with penetration pricing and extensive ad campaigns. For companies that cannot
Product Life Cycle Analysis Products, like living creatures, have a specific life cycle. A product is born, it grows up, and eventually it dies. A product's birth is its creation -- the first moment that a brand new device or invention rolls off the assembly line and is made available to consumers. In the case of a color television, its life cycle would commence at the time a brand model first
Product Life Cycle No matter the product, every product goes through what is known as the product life cycle. The stage of the cycle that a product is in dictates how much of a focus the product gets and what will happen going forward in terms of that product being added to, updated or even entirely replaced. The author of this report will speak of a fictional company with a fictional