Guide product decisions, research product needs, and execute timely and profitable marketing campaigns.
Catalog the number of similar products, overall product saturation, and where your product fits in that space.
- Your product is just coming to the market during the Introduction stage. The market itself may have few directly competing products.
- During Growth, you experience a significant boost in market presence for your product and new competitors.
- When the market is fully saturated, you are experiencing a Maturity stage.
Analyze consumer familiarity, interest, and ownership of your product and similar products in the market.
- During the Introduction stage, you are motivating potential buyers who may not be familiar with your product.
- In Maturity, most consumers already own, use, or are familiar with your product.
- When consumers have become bored with the product, you are experiencing a Decline stage.
Determine whether you face fewer, smaller competitors, a growing competitor base, or a market with a handful of major players.
- Few or no competitors suggests that you’re in the Introduction stage.
- More competitors or a small number of major players suggests that your product is in the Maturity or Decline stages.
- Products in the Growth phase see the sharpest increase in sales.
- Mature products see sales leveling out, even as profits continue to rise.
- Products in Decline see fewer sales, with profits and margins shrinking.
Ask your marketing team about current marketing campaigns to determine if the focus is awareness, differentiation from competitors, or a reduction in total spend.
- Awareness campaigns suggest your product is in the Introduction stage of its lifecycle.
- Campaigns focus on positioning themselves relative to competitors during the Growth stage.
- Marketing will “milk the brand” on a reduced budget when a product is in Decline.
Last edited by @hesh_fekry 2023-11-14T11:50:24Z