9. Promotional Mix vs Product Life Cycle

What is Promotional Mix?
          - Promotional Mix is the combination of promotional techniques that a firm uses to communicate the benefits of its product to customers.

8 Stages in deciding on a promotional mix:

1. Decide on the image of the product.
2. Develop a profile of the target market.
3. Decide on the messages to communicate.
4. Set an appropriate budget.
5. Decide on how the message should be communicated.
6. Establish how the success of the promotional mix is to be assessed.
7. Undertake the promotional plan and the mix elements.
8. Measure its success.

Product life cycle: 

Introduction
Growth
Maturity
Decline
(extension strategies to prolong maturity or limit decline)


How would the promotional mix change at different stages of the product life cycle?

Introduction
          - Informative advertisement to make consumers aware of the product.
               - Sales promotion offering free samples or trial periods to attract the buyers.
Growth
               - Focus shifts to 'brand' building and persuasive advertising. 
               - Sales promotion to have a repetitive purchase.
               - Try to develop brand loyalty.
Maturity
               - Advertise in order to show the difference between the product from their company and other competing companies 
               - Sales promotion incentives to encourage brand development and loyalty
Decline - assuming no extension strategy  
               - Minimal advertising
               - Sales promotion : little additional support for the product if the intention is to withdraw it