For the product offering in your marketing plan,
1 Identify (a) its stage in the product life cycle and (b) key marketing mix actions that might be appro-

BUILDING YOUR MARKETING PLAN

priate, as shown in Figure 10-1.

2 Develop (a) branding and (b) packaging strategies, if appropriate for your offering.

The product life cycle describes the stages a new product goes throagh in the marletplace: introduction, prowth, maturity, and dectine. Product sales growth and procitabilify differ at each stape, and marketing managers have marketing objectives and marketing mix strategies unigue to each stage based on consumer behavior and competitive factors. In the introduetory stage, the need is to establish primary demand whereas the zrowth stage requires selective demand strategies, In the maturity stage, the need is to maintain market shasc: the decline stage necessifates a deletion or harvesting strategy. Some important aspects of product life cycles are (a) their length. (b) the shape of the sales curves, and (c) the rate at which consumers adopt products. LO 10-2 fidmafy wass that manketing exccitires manque a moducts ile cucle. Marketing executives manape a product's life cyele in three ways. Finst, they can modify the product itself by alterins its. chanacteristics, sach as product quality, performance, or appearance, Second, they can modify the market by finding new customers for the product, increasing a producfrs use among existing customers, or creating a new use situation for the product. Finally, they can reposition the product asing any one of a combination of marketing mis elements. Four factors trigper a repositioning action, They include reacting to a competitor's position, reaching a new market, eatchine a risine trend, and changine the value offered to consumer. altemathe branding arategies. A basic decivios is marketing prodscts is brandine, in which as organization uses a same, phrase, desizn, smabolk, or a combination of these to identify its products asd distinguish them from those of its competitors. Product managers rooot nize that brands offer more than product identification and a means to distinguish their products from competitors. Sue cessful and extablished braods take on a brand personality and ocquire brand equity-the added value a piven brand aame gives to a product beyond the fanctional benefits prowidedthat is crafted and nurtured by marketing programs that forpe strong. favorable, and unique coesumer asociutions with a brand. A pood brand name should saped the product benefits, be memonble, fit the company of prodoct imaec, be free of Jeyal rectrictions, and be simple and emotional Companies can and do employ several different branding stratepiex. Wath multiproduct branding, a compang uses one name for all its products in a prodact class. A multibrandieg sarategy itrohes giving eact product a distinet name. A eompany uses private brandine when it manufactures products but sells them under the brand name of a wholesaler or retailer. Finally, a company can employ mised brandine, where it markets products under its own name(s) and that of a rescller. ataviding of a product. Packaging and labeling piay numenves roles in the marietins of a prodset. The pactaging eomponest of a prodiet rolers to any container in which it is offered 5 or sule and on whict label inforacknowledse that packaping and labeline provide comantar tion, fanctional, and perseprual benefits. Contenporary packeine and labeling challespes inclade (1) the coitinuing need to connect widh cistoners: (2) mvironmentat coscerns: (3) bealth, wafety, and security issocs and (4) cost reduction. bhe marketing of servines. The four P framework also applies to service vith woene adyp are difficult to protect. In addition, becaue senices are intangi bie, brands and logos (otich can be probected) are particatarly important. The imseparablity of production and oceniumpeice of services meats that cipacity munupenent as inpertant to sesvices. The intanelible antare of services mates price an insortant indication of service galioy. Distribution has becoene an inportant marketine tool for vervices, and electroeic divtribur tion allows some services to pnovide ghbul conerafe In recent years, service organizations hase increased their pocmotical activities Finally, the perbimasce of poople, the apoearance of the plysical emironment, and the procesi involiod if defivening a service are secogrixed as cental to the cantoener euperience. LEARNING REVIEW ANSWERS 10-1 Mertidat plas a maier role in the life ocke, ant. Anwer inteductory prodict enferentive oe 10-2 How do highlearning and lew tearnies produsts difler? edacation and there in an extended imenductery perind A lin. innovaties? Anwer The five catezone of nodact aboptes bused on rhe difn- BUILDING YOUR MARKETING PLAN For the product offering in your marketing plan, 1 Identify (a) its stage in the product life cycle and (b) key marketing mix actions that might be appropriate, as shown in Figure 10-1. 2 Develop (a) branding and (b) packaging strategies, if appropriate for your offering