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Managing Existing Products

Marketing strategies developed for initial product introduction almost certainly need to be revised as the product settles into the market. While commercialization may be the last step in the new product development process it is just the beginning of managing the product. Adjusting the product’s marketing strategy is required for many reasons including:

  • Changing customer tastes
  • Domestic and foreign competitors
  • Economic conditions
  • Technological advances

To stay on top of all possible threats the marketer must monitor all aspects of the marketing mix and make changes as needed. Such efforts require the marketer to develop and refine the product’s marketing plan on a regular basis. In fact, as we will discuss in The PLC and Marketing Planning tutorial, marketing strategies change as a product moves through time leading to the concept called the Product Life Cycle (PLC). We will see that marketers make numerous revisions to their strategy as product move through different stage of the PLC.

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8 Comments

  1. Dasari makes this comment

    October 10, 2011

    A very relevant, useful and comprehensive knowledge on marketing management. Thank you for the information.

  2. Leena makes this comment

    January 08, 2011

    Very comprehensive and useful information. Well laid out and concise. No use of jargon makes it effective for anyone to understand. Well done!

  3. kola makes this comment

    November 28, 2010

    I have been trying get a deep understanding about the product development process and this web site is a very good one.

  4. neisha makes this comment

    October 28, 2010

    Very well laid out, just like my lecturer taught me but with more details.

  5. raghu makes this comment

    September 18, 2010

    Very well presented and to the point. No usage of jargon.

  6. wirimai makes this comment

    July 05, 2010

    This is very well laid out making it very effective for understanding the concepts. Its really exciting and very informative.

  7. Genev makes this comment

    June 22, 2010

    Very good marketing information. I was interested in the product development section and it explained it very well. I agree simple step by step way to understand.

  8. Ravi makes this comment

    February 05, 2010

    This is a very helpful website to get knowledge about marketing and language which they are using is very effective and easy to understand....

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