When a new product is introduced into the market, it undergoes a product cycle which involve a number of stages, these stages include;
- Introduction stage
- Growth stage
- Maturity stage
- Decline stage
Each and every stage must use a certain marketing strategy which must incorporate the market mix i.e. the product, place, pricing and promotion (the 4P’s).
The marketing strategy consists of a number of strategies that enable a firm to use its resources efficiently on the best opportunities or on the best alternative s that it remains in a sustainable competitive advantage besides the firm increasing its sale revenue and profitability.
In reference to the 15 -inch Multimedia LCD TV system and 17-inch Multimedia LCD TV system, these two products are at different stages of product life cycle whereby the former is in the decline stage while the latter is in the growth stage and therefore each has to employ different market strategies using the market mix, more so, its worth noting that the product experience different challenges in different stages of its life cycle besides having a limited life span.