There are four main stages involved in the product life cycle and they are introduction stage, growth, maturity and decline. In the introduction stage the company focuses mainly on advertising and promotion of the new product to its consumers. Once consumers accept the product, there will product growth since its will be sought after by many consumers. The third phase is the maturity stage where the product sales are its best. This is followed by the decline stage where the sales decline and the company is either required to withdraw the product from the market for rebranding or rebrand the product while it’s still in the market.
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This is the same case that will be applied by the Philip Morris Company in the marketing of its Electric-Cigarettes although there will be a few changes. The rapid growth of the information and communication technologies (ICT) sectors of many nations and the introduction of E – commerce has changed the way companies conduct business; this is one area that the Philip Morris Company has capitalized on. The question therefore is how will the Philip Morris Company manage to roll out the marketing plan? In the introduction stage of the electric-cigarettes, the company will work on the following key areas, online branding of the products, pricing, creation of online distribution channels and finally promotion strategies to be used by the company. The company will capitalize on the use of social websites like tweeter and facebook to reach a wider audience.
At the growth stage, the company will mainly concentrate on the promotion aspect to ensure that most people are made aware of the electric-cigarettes and this will ensure continued business. The company will focus on is opening more distribution channels because there will be an increase in the demand of the products. The same trend will be carried on to the maturity stage. The difference however is that at the maturity stage, the company does not struggle to market and distribute the products since the consumers are aware of its existence and know where to find it. The product may not experience the decline stage because it is a consumable product.
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