I was born of an idea and nursed in a matrix of marketing and communication methods. From this nascent state I assume a name, an identity to make me distinct from my siblings. I live, I breathe and resonate.
METEX Creations is a full spectrum digital marketing solutions provider based in Kerala. For two decades we have partnered with our clients providing cutting edge creative solutions to establish emphatic footprints on digital platforms.
Brands and their product life cycles actually commence in the public's eye during the introduction stage. During the introduction stage, companies heavily advertise their brands and products and conduct trade shows and in-store promotional activities for potential wholesale and retail customers. Company advertising at this stage focuses on building brand awareness. Competition is low or non-existent during this stage. Thus, a successful brand concept will usually elicit heavy sales and propel the brand toward the growth stage.
Brands enter the growth stage of the product life cycle when sales start growing exponentially. Brand managers may increase distribution during the growth stage to further enhance sales. A company may also improve the quality of their product brands, adding various flavors or features. Because of the success of one or more companies, more competitors will enter the market with their own brands. Consequently, some competitors may try to lower prices to gain marketing share.
Because of increased competition, a company's brands will eventually reach the maturity stage of the product life cycle. During this stage, competition for market share may be fierce. New competitors will often have trouble successfully entering the market as market potential is limited. A company will often need to differentiate the brand of products toward a specific segment. For example, the company that first entered the market may focus on being the quality leader. The company may keep prices relatively higher to maintain its premium image. The target market may include older users with a higher household income.
The decline stage is where sales start to fall for a company's product/brands. At this point, it is still possible to extend the life of the product by finding new markets for the brand like international markets; or even finding additional uses by repositioning the brand.