Marketing Implications of Product Life Cycle Essay

1. New strategies for new sentencesThe changed scotch conditions be bear on consumer behavior and attitudes. Can the marketing strategies based on the understanding of the consumers in the prosperous times still hold water now? Consumers are changing their behavior in several divers(prenominal) ways and divers(a) underlying attitudes and pass judgments govern these changes. It is critical for us to re- panorama at the consumer and review our understanding to fine tune the marketing strategies.2. Segment and decidenot all the consumers react to the environmental changes in the aforesaid(prenominal) way. Different consumers urinate different reactions to the financial challenge ranging from an extreme tightening of the purse-strings, to a effort slight continuation of the current indulgences. Tightening may be reflected in different tangible and psychological ways. Manufacturers withal need to offer a err of different solutions and propositions to meet these changes in b ehavior.Additionally, different consumer segments may be modify to different extent and evolution may vary from segment to segment. In luxury beneficials, for example, connoisseurship and indulgence segments may grow to a greater extent as compared to the pure status segment, as these consumers relationship with luxury segments is not and emotional but in addition very tangible.3. Find new pasturesIn these times, growth may be easier to come just ab out(a) through geographic expansion, than competitive fight in the current markets. The impact of the slowdown is to a greater extent pronounced in larger cities though the smaller towns and villages are also affected if they relied on export based industries. Hence while 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 railyard and offer greater return for investments.4. Emphasize value re look at your stigma portfolioIt does not take rocket science to close that in these times the consumers leave look for value. The challenge is to offer value without compromising the image. There are different strategies to deliver value round are appropriate and some ill-advised some will disparage the brand equity permanently, some will keep the image whole but still help adjust to the times. Re inquisition shows that direct equipment casualty reductions are potential to damage more than temporary discounts and decreasing require sizes more harmful that increasing pack size at the same price.5. Look at your distribution channelsA strained sparing situation not sole(prenominal) changes the consumer, but also changes the shopper. Consumers are unremarkably more attached to the brand than the retail store, hence their first excerpt is not to change the brand, but try to locate the same brand at a cheaper price at another store.With more time at present and gr eater 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 net shoppingthe only channel that will grow even faster than hypermarkets.6. Help the consumer inculcate her, train her, comfort 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 further enhance their skills and knowledge. Clearly it is very good news for companies teaching English or computer programming. But the hazard is not confined to these firms the FMCG industry could also take a more educative communication stance wine makers could try to educate the consumers about appreciating fine wines, cosmetic companies could offer lessons on skin care and nourishment companies could coach on diet and nutrition.7 . Family, home and securityWhen the going gets tough, the consumers incline to take comfort at home and in the arms of the love ones. Recession is the ideal time to catch up with friends, take the children to the park and visit the parents, and in the process enjoy emotional warmth to report for the coldness of the economic climate. The children are likely to pay a heartbreaking 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, rather than out of home consumption which in many categories such as alcohol, is a great deal more expensive.8. CommunicationIt is not just the product but also the message which need to reflect the current consumer mind. The communication messages of today needs to reflect sentiments of care and protection, rational and considered behavior and performance and value these tones of communication, which eer appealed to the Chinese consumers, are likely to find even greater reverberance in these times.9. Go digitalFor the largest internet population in the world, internet has so far been a tool of entertainment and information less so a tool for commerce. However the initial barriers are existence overcome and consumers are discovering the joys of internet shopping. The attributes consumer associate with internet shopping are variety, enables detailed evaluation and comparisons and competitive prices. These are the attributes the consumer will be feel in the times of economic slowdown.10. Keep a permanent hand on the pulse of the consumerThese are dynamic times. Things are changing at a phenomenal pace. As a result, so is the consumer peevishness and sentiment, which will have an effect on her decision making and the brands and products that she buys. If marketers dont feel her pulse all the time, they could go wrong. One cannot just perceive 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.