The effects of Product Development, Product Promotion & Product Innovation initiatives on the product life-cycles

Abstract

The paper is aimed at elucidating the measures that the marketers take to Develop & Promote products and do product differentiation through product innovations to manage favourably the product life cycles - fighting competition both for sustenance in the market and/or to enlarge market shares. They choose to create better and consistent customer awareness with emotional appeal on the one hand and add value to the products bringing in new or altered product features when needed to deliver enhanced benefits that the buyers in the market look for. That is, in order to give the products / brands prolonged life cycle, the marketers develop their products, do promotions and also product innovations (to add value to products for better performance, look & feel of them), in a bid to differentiate them from those other similar competing products/brands. Product life cycles are the captured performance graphs for the products, which could be considered as prescriptions for corrections of products and brands in their tangible and intangible features so as to make them spring back to perform to the levels. The paper thus focuses on the practices that the marketers undertake to do in order to win the hearts of the buyers. The larger objective of the paper is to throw light on all the initiatives of the marketers which they would do to match the customer preferences