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product life cycle, Take advantage of consumers' awareness and…
product life cycle
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extension strategy
purpose
Increase sales to existing customers, retain existing customers, and even attract new customers
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- Reduce new product failures
- Enable new products to enter the maturity stage quickly
pros and cons
Provides a set of applicable marketing planning viewpoints. It divides the product into different strategic periods, and marketers can adopt different marketing mix strategies according to the different characteristics of each stage.
It is not easy to confirm the criteria of starting and ending points of each stage of product life cycle.
It is not easy to confirm the criteria of starting and ending points of each stage of product life cycle
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Take advantage of consumers' awareness and recognition of existing brands to launch sub-brands or new products, hoping to make profits quickly and occupy the market quickly through relatively short time and low risk
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It refers to the whole movement process from the moment a product is ready to enter the market to the moment it is eliminated from the market, which is determined by the production cycle of demand and technology.
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