” Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.

To promote the products and services through unique marketing characteristics, there is the need to focus on the life span of the product first so that in future best marketing strategies could be developed. However, the product life cycle has four stages and in each stage, effective marketing strategies or different characteristics are required to promote the product. However, to decide product life cycle stages can be crucial sometimes so marketing activities should be considered after accessing the 4 Product Life Cycle Stages (PLC).

In the case of the introduction stage, there can be marketing emphasis on creating product awareness in the selected target market and there is the need to encourage the product trail so that maximum customers can know about the product and purchase that product in the future. At the introduction stage, the samples need to be given to the client or people so that there could be better awareness that how products or services can fulfill the desired needs. Moreover, in the case of the growth stage, there is the need to promote the product through establishing a high market share and that can be done through deciding the effective price of the product or reduce the price in comparison to the competitors (Boone, Kurtz, Khan, & Canzer, 2019).

When the product is at the maturity stage, it means that the product is already known in the market and giving profit, however, at this stage the marketing need to be done to generate more profit through the same product or services through fight off competition. Pricing and promotion strategies are important to be considered in this case, as products or services need to be strengthened in this way, in the different segments according to the need of the customers. Intensive distribution of the product is important at this stage, so after marketing, consumers can reach the product easily (Productlifecyclestages.com, 2019)

There is still a need for marketing at the decline stage, but to minimize the marketing expenditure is important at this stage because the product is giving no more profit, but still, if the marketing is done at the higher cost it can be a loss for the company or product. Therefore, the product life cycle should be considered and effective characteristic to promote the product. 

References of Discuss the unique marketing characteristics a product or service requires based on the specific phase of the product life cycle.

Boone, L. E., Kurtz, D. L., Khan, M. H., & Canzer, B. (2019). Contemporary Business. John Wiley & Sons.

Productlifecyclestages.com. (2019). Product Life Cycle Stages. Retrieved from http://productlifecyclestages.com/