The life cycle is nothing more than the pattern of demand for the product over time. A basic product life cycle consists of: Introduction Growth Maturity Decline stage Several points are to be noted in studying the product life cycle concept: 1. The length of time a product spends in any one stage may vary. […]
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Marketing Strategies for the Introduction Stage of the Product Life Cycle
In the introduction or pioneering stage, the main task is to acquaint the customers with the new product and its superiority over other similar products available in the market. In order to achieve this purpose, arrangements will have to be made to make the product available to the customers in the market place through dealers […]
In Which Areas Do You Most Need/ Want To Boost Overall Happiness?
The second question is somewhat related to the first, in the sense that you need to focus on specific areas of your business that have the largest potential for increased happiness and develop a particular vision to work towards in each of these. Certain parts of running a business aren’t particularly glamorous, but they are […]
Innovation: Myth vs. Reality
Innovation in business has become such a ubiquitous buzzword that it’s hard to talk about it without resorting to cliche. Below are certain myths about innovation: Innovation Myth 1: Failure Generates Success It’s commonly said in business circles that the only way to generate successful innovation is by repeatedly trying and failing, until you stumble […]
Most Common Innovation Myths
Below are 2 most common myths about innovation: Innovation Can Be Marketed Non-Linearly Just as innovation cannot be sparked linearly, it needs to be translated into a quantifiable value before it can be marketed. While the idea behind it may have great beauty as an example of creative and artistic expression, the sold product has […]