Pace of the Product Life Cycle & Impact to Marketing Product
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I am in a learning team and my group is writing a paper on a new service offered by Kudler Fine Foods. We decided to expand the bakery and pastry sales to outside grocery store chains.
I am having trouble answering the below question. It doesn't matter which product life cycle we choose, I just have to explain the below question.
Describe the pace at which your product will move through the product life cycle and the factors that will impact its movement. How will the product life cycle impact the marketing of your selected product or service?
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Solution Summary
This solution discusses the pace at which the selected product will move through the product life cycle.
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The product life cycle typically moves through a growth chart that begins with product introduction, through growth, maturation and finally decline. At each stage of the cycle, marketers need to be well aware of the situation, and adapt their plans in order to make sure that they are optimizing sales.
At the beginning, the product will be at the introduction phase. Since bread and pastries is not a 'new' product in the market place, it should pass quickly onto the growth stage. This is assuming that the breads and cakes are delicious, well priced and easy for consumers to find outside of the Kudler Fine Foods environment. For example, if a Kudler bread is nested amongst dozens of other breads, consumers ...
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