Explain how the value proposition changes throughout each product life cycle stage – for one (1) of the target markets previously identified.
Market Introduction Stage
Growth Stage
Maturity Stage
Saturation and Decline Stage
For one (1) of the target markets that you previously identified for this product, explain what product or service you would offer, how it would be branded, and how it would be distributed.
Market Introduction Stage: For example, what offering would you provide to the target market? Would it be a specialty, niche or mainstream offering? Would it be B2B or B2C? How would it be branded and positioned? What is the value statement for the offering – what benefit does it provide? What would be the major differentiators between it and the competition? How would you create / satisfy demand? Get customers to try the product?
Growth Stage: For example, as the offering becomes known and sales volume increases, other challenges emerge. How will you service your customers, and resolve complaints? How will you deal with increased competition? What seasonal promotions will you conduct – while making sure promotions do not cannibalize your profit margin? Would the range of distribution channels increase / decrease? How would you ensure their cost-effectiveness and contribution to overall customer satisfaction?
Maturity Stage: As the product enters the maturity stage in this target market, which additional target markets will you consider entering? What is the value proposition for them – how will you diversify your brand and benefits promise to appeal to the mature target market, as well as the ‘new’ target market(s). How will you leverage your investment in satisfying one target market, to additional customers in B2B or B2C markets? What are the major (or expensive, time-consuming) changes to be made?
Saturation and Decline Stage: As the product offering enters the saturation and decline stage, it is not the end of the business cycle, but the ending of a product offering to one particular target market. There are many opportunities to continue the business cycle (by reaching out to new target markets; adding innovations such as an app to accompany a product, or development of a related product / service). How would you deal with the sales volume decline in this stage, as well as the challenge of the next steps for the business cycle – and increasing production / distribution efficiency and cost-effectiveness.
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