Marketing Implications of Product Life Cycle Essay

1. bran-new strategies for new cartridge holdersThe changed scotch conditions are touch on consumer behavior and attitudes. Can the marketing strategies based on the understanding of the consumers in the prosperous cartridge holders stock-still hold water now? Consumers are changing their behavior in several different ship canal and various underlying attitudes and judges govern these changes. It is little for us to re- facial gesture at the consumer and refresh our understanding to real well tune the marketing strategies.2. Segment and decidenot all the consumers react to the environmental changes in the selfsame(prenominal)(p) way. Different consumers have different reactions to the financial contend ranging from an extreme tightening of the purse-strings, to a nonchalant protraction of the current intemperatenesss. Tightening whitethorn be reflected in different tangible and psychological ways. Manufacturers excessively fill to offer a range of different solution s and propositions to flirt these changes in behavior.Additionally, different consumer segments may be conflict to different extent and growth may set off from segment to segment. In luxury goods, for example, connoisseurship and indulgence segments may grow much as compared to the comminuted status segment, as these consumers relationship with luxury segments is not neverthe little emotional tho excessively very tangible.3. Find new pasturesIn these periods, growth may be easier to come active through geographic expansion, than competitive fight in the current markets. The impact of the slowdown is to a greater extent than than pronounced in large cities though the smaller towns and villages are also modify if they relied on export based industries. Hence spell growth may be challenged in the larger cities, it may be a good time to set forth and explore new markets in county towns, townships and villages. These are the markets which are growing at a faster pace a nd offer greater founder for investments.4. Emphasize value re look at your brand portfolioIt does not shoot down rocket skill to conclude that in these times the consumers will look for value. The challenge is to offer value without compromising the image. in that respect are different strategies to deliver value most are appropriate and whatever ill-advised approximately will damage the brand equity permanently, some will keep the image intact but still help ad and to the times. Research shows that occupy price reductions are likely to damage much than temporary discounts and decreasing pack sizes more unhealthful that increasing pack size at the same price.5. Look at your distribution channelsA strained economic situation not only changes the consumer, but also changes the shopper. Consumers are normally more attached to the brand than the retail store, hence their prototypic choice is not to change the brand, but fork out to locate the same brand at a cheaper pric e at another store.With more time at hand and greater incentive to economize, more consumers are likely to shop at hyper markets than the more ubiquitous but pricier supermarkets and convenience stores. The search for value and bargains will also turn the shoppers to meshwork obtainthe only channel that will grow regular(a) faster than hypermarkets.6. Help the consumer teach her, train her, simpleness and reassure her.Research indicates that Chinese consumers response to the economic challenge is cerebral. When opportunities are fewer and the competition more fierce the Chinese consumers will want to foster enhance their skills and knowledge. Clearly it is very good news show for companies teaching English or computer programming. merely the opportunity is not confined to these firms the FMCG industry could also take a more educative conference stance wine makers could try to educate the consumers about appreciating fine wines, cosmetic companies could offer lessons on p are down care and food companies could coach on provender and nutrition.7. Family, home and securityWhen the going gets tough, the consumers tend to take comfort at home and in the ordnance store of the loved ones. Recession is the ideal time to cunt up with friends, take the children to the park and visit the parents, and in the process enjoy emotional warmth to manufacture for the coldness of the economic climate. The children are likely to stick out a heavy price for this, with parents having more time and inclination as well as a renewed determination to help their children with their studies. This offers opportunities to promote in-home consumption, kinda than out of home consumption which in many categories such as alcohol, is much more expensive.8. colloquyIt is not just the product but also the message which regards to reflect the current consumer mind. The colloquy messages of today needs to reflect sentiments of care and protection, thinking(prenominal) and cons idered behavior and performance and value these tones of communication, which always appealed to the Chinese consumers, are likely to find even greater resonance in these times.9. Go digitalFor the largest cyberspace population in the world, internet has so farthermost been a tool of entertainment and information less so a tool for commerce. However the initial barriers are being overcome and consumers are discovering the joys of internet shopping. The attributes consumer associate with internet shopping are variety, enables fine evaluation and comparisons and competitive prices. These are the attributes the consumer will be looking in the times of economic slowdown.10. nurse a permanent hand on the jiffy of the consumerThese are dynamic times. Things are changing at a phenomenal pace. As a result, so is the consumer pettishness and sentiment, which will have an effect on her decision making and the brands and products that she buys. If marketers dont timber her pulse all th e time, they could go wrong. One cannot just hear to the consumer once a year marketers need to put their ears firmly on the ground and listen to every change of beat, every nuance of the consumer mood and continue to fine tune the strategy.