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.

1 Comment

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

Add Comment

 

KnowThis: Marketing Basics Book

396 pages - Only $25

KnowThis: Marketing Basics Book Our first book offers in-depth coverage of marketing and is ideal for the marketing novice, the marketing educator, the marketing professional and anyone else who needs to know about marketing. This book includes more than 50% new material not found on KnowThis.com. For more information including taking a look inside, Click Here.

Samples of Marketing Tutorials

Research Trends: Merging Data Sources
The wide range of technologies used to gather data has led to the creation of data centers where information is stored. Today many of these data centers are sharing information with other centers in a manner that offers the marketer a fuller picture of their customers. For instance, as we will discuss in the Managing Customers Tutorial, man…

Read more...