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Essay / Research Paper Abstract
A 3 page paper describing the anticipated life cycle of an innovative shoe product. Movement through the product life cycle is predictable and can be assessed with measurement of units sold or revenues. Knowledge of the point that the product occupies at any given time on the curve of the life cycle informs marketers of how they need to approach their promotion of the product. Bibliography lists 2 sources.
Page Count:
3 pages (~225 words per page)
File: CC6_KSmktgVersShoe.rtf
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Unformatted sample text from the term paper:
and industry can be fitted onto the life cycle curve, characterized by development, introduction, growth, maturity and decline. Intuitively, the womens apparel industry can be seen to be in
late maturity or early decline. Using a less intuitive approach, the purpose here is to predict the movement of an innovative line of womens shoes through the product life
cycle. Marketing in the Product Life Cycle Products move through the product life cycle in regular and predictable patterns. Categories include Introduction,
Growth, Maturation and Decline phases; the greatest demand, popularity and revenues are found in the growth phase, as indicated in Figure 1. Introduction
The introduction phase is that when the product is being introduced to the market. Approaches to marketing largely depend on the degree to which the product is "new."
The Versatile Shoe is quite new and decidedly innovative; a new addition to an existing line of frozen dinner entrees may require more intense marketing to gain consumers attention. Figure
1. Product and Revenues Life Cycle Curve Source: (The Product Life Cycle, n.d.) The introduction of a shoe that
can go from dress to casual with the use of interchangeable sole sections is far more innovative than is the introduction of a five-cheese frozen lasagna complementing a line in
which a three-cheese product already exists. The Versatile Shoe will require significant consumer education because it is not similar to any other product that serves the same general purpose.
Growth As the marketing efforts of the introduction phase lead greater numbers of individuals to purchase the product, others see current customers using
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