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 their introductory stage. During the introduction stage, companies intensely advertise their brands and products, conduct trade shows and in-store promotional activities for potential wholesale and retail customers. A company’s advertising at this stage focuses on building brand awareness. Competition is low or non-existent. Thus, a successful brand concept will usually elicit heavy sales and propel the brand toward the growth stage.
Brands enter the growth stage of a product life cycle when sales start growing exponentially. Brand managers may now increase distribution during the growth stage to further enhance sales. A company may also improve the quality of their product brands, adding various flavours or features. Because of the success of one or more competing brands, more competing producers enter the market with their own brands at this stage of a brand’s evolution.
Because of greater competition, brands will eventually reach the maturity stage of a product’s life cycle. During this stage, competition for market share may be fierce. New competitors will often have trouble successfully entering the market as sale potential is finite. Early entrants in the market may focus on achieving quality leadership at this stage. Now, companies will often opt to differentiate products targeting a specific segment. Brand custodians may opt keep prices relatively higher to maintain its premium image targeting market segments with higher household incomes.
A brand’s decline stage is when sales start to diminish for a company's product. At this point, it is still possible to extend the life of the product by finding new markets for the brand like international markets for instance or even finding additional buyers by repositioning the brand.