The answer to that marketing questionnaire question is yes.
If you’re marketing a product you have to know that your product is going to experience at least a six stage product life cycle. Overall his of what it is that you’re trying to market, at some point these stages will happen to your product. So I thought it would benefit all markers to discuss what the six stages are, because if you know the stages, and you understand them, then you can increase your ability to maximize your profits in every stage. So let’s get right to it.
Before we begin to itemize each stage of your products’ life cycle there are a few things you must understand. If you are in the process of developing a product you have to know what fundamentally are the two things that your consumer wants.
What are those two things?
One, simply is that your consumer wants an improved product.
Whatever it is that you’re trying to market does not matter as much as how much better your consumer thinks it is to previous products that did similar things. Therefore, it has to be an improved version of what they already have in mind as a good product for the market that your in.
The second thing that a consumer wants is a brand-new product.
People love shiny new things, and they love the latest and greatest thing that is out there. It’s a mentality that permeates the consciousness of our current society. What is new is considered better in many cases. And that’s what most companies utilize in order to generate more and more profitability in their business models. So in order to stay relevant in the minds of their consumer, a company understands that their competitor will be constantly introducing new products with the objective of increasing market share and profits, therefore they have to be on the ball. Which means you have to be on the ball as well if you want to market a product of any kind. If a company wants staying power they find ways to make their new and growing products mix in along with their old or staple products.
With all that said, even still, each product will go through its life cycle. Therefore what are the six stages of the life cycle of a product?
1. The introductory stage – in the Internet marketing world this is what would be called a launch. Regardless of the platform that the company uses to introduce its product the introductory stage is when a product first appears on the market. It is possible at this point that the product they have no competitors. In theory it is initially unprofitable, because of the investment in its development, so the company or business owner has to make back the investment first before he will see a profit.
2. The growth stage – there aren’t any hiccups in the introductory stage and eight catches on to the targeted consumers, the and in this stage assuming the product is successful of course, there will be a growth in revenue from the product and the products profitability may likewise grow rapidly. This is also crucial stage because it’s at this point that competitors will enter your market and will make improvements on your product and try to sell it. Conducting marketing questionnaire surveys to your existing consumers would be a great way to navigate your marketing at this point. This is something you must be aware of.
3. The shakeout stage – now this is where it’s really interesting. Really this is prime time for your market, and this is where all the lights are shining in the ring. As competitors fight for the market, the weaker ones will be driven out. As the saying goes” only this from survive”. And that’s why many professionals, and analysts call this the shakeout stage.
4. The maturity stage – after the fight is over, and maybe even many fights have been one or lost a product will at some point get the stage of its life. This is where the growth of the revenues for the particular product starts to decline. Eventually because of the relevance in the marketplace, or better more new and improved products the revenue will gradually reach zero.
5. The decline stage – at this point the entire market affected. People are no longer interested in the market, and soul competitors declined further as the market shrinks and all profits fall sharply. Yet, this does not necessarily have to be the case for every company. Meaning that the most efficient company or companies they still be capable, or able to make a profit. It really just depends on how resilient the company is.
6. The style stage – if the consumer and determines that the product in this market is a style, then you will have a longer lifetime.
If they determined that the product is:
Fashion – then this is where a product will have a medium time life cycle.
Lastly, if the consumer determines that the product in the market is:
Fad – then this is where a product will have a short life cycle.
Now when you perform your marketing research questionnaires, or website questionnaire you will have a great understanding of where your product is going to begin, and where it can end. This necessary piece of marketing information gives you good insight on how to approach your product introduction into the marketplace. You’ll know exactly how aggressive you need to be in the entire life of marketing your product. Not to mention having an advanced knowledge of what your competitors are going to do in the process of the life of your product can allow you to prepare for the events that you know are going to take place.