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Commercial Applications

Name the stage of Product Life Cycle, when the promotional focus shifts from 'buy my product' to 'buy my brand'. State four strategies adopted during this stage.

Marketing Mix

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Answer

Stage — Growth Stage

During the Growth Stage of the product life cycle, the promotional focus shifts from "buy my product" to "buy my brand". This is because by this stage, multiple competitors have entered the market with similar products, and the firm needs to build brand loyalty rather than just creating product awareness.

Four strategies adopted during the Growth Stage:

  1. Heavy advertising — To create a strong brand image and stimulate sales. The aim is to differentiate the firm's brand from those of competitors.
  2. Expanding distribution channels — To make the product available wherever demanded. Wider distribution helps capture more markets and prevent competitors from gaining shelf space.
  3. Introducing new versions — New versions of the product are introduced to cater to the needs of different types of customers and segments, expanding the customer base.
  4. Keeping prices at competitive levels — Prices are kept competitive (not too high, not too low) to retain customers and prevent them from switching to competitors. Greater emphasis is also placed on customer service to build loyalty.

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