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Society Of The Traveling Shot Glass

481 Words2 Pages

The product life cycle (PLC) is a series of phases that a product goes through during its lifetime. The product life includes five different stages as development, introduction, growth, maturity and decline stages of the product ("Chron", 2016). Every stage of the product takes different effort to market to the consumers. How to have a good marketing plan is crucial for standing out in the market. Travel Shot Glass presents a bond between friends and creates a sense of Society of the Traveling Shot Glass. In the development step of PLC, understanding the market and getting to know the audiences specifically in geographical factor, psychographic factor help the company success in the marketing campaign. The target market is women not only in …show more content…

During the growth stage, the company build a foundation and customer loyalty by research target market’s challenges and goals to know the consumers’ knowledge and how to help them to know more about product. Encourage customer to buy Shot Glasses in larger quantities, provide coupon, discount on next purchase. Extend the growth stage by making changes to the product, advertise the products via Newspaper, webinar in quarterly by getting groups of friends to attend the event and promote new design, new product sizes. The maturity stage occurs when the sale growth rate slightly increase or decrease, the company will either push up sale or focus on different design, and offer more promotion. When the market recognizes the downturn in the demand of the product especially when the sale volume drops in the declines stages, the company must concentrate on renovate the product by adding more features on the product. Successful marketing efforts must provide the right service in the right place and at the right place and marketing efforts must change in each phrase in the product life cycle. Choose the right channel to market the product also important in the marketing

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