Develop a revised international product life cycle plan.
As the global economy continues, retailers are struggling to achieve growth domestically. Many retail companies in the United States are saturated and are not expected to grow much, but many retailers are looking beyond their boarders for political growth. The foreign market usually offer attractive growth rates fueled by burgeoning middle class, lower competitive intensity and good pricing flexibility.
Every product has its life cycle which spans from the time it is introduced till the time it exist from the market. The cycle covers four stages which are the introduction, growth, maturity and decline. The life cycle of every product is different, while there are different advertising strategies that should be adopted at different stages to suit the marketing targets and also the market environment in order to achieve marketing results.
Introduction stage - The introduction stage can be called commercialization, or production method into the market. Communication and promotion is needed to generate awareness of the product and encourage consumers to try it and placement alternatives and supply chains are needed to deliver the product out to the customers. Profits are often low in the introduction stage due to the research and development cost and the marketing cost to introduce the product. Retail will use mass marketing techniques such as television commercials and internet campaigns and promotional programs such as coupons to reach consumers. A retail business will use strategy penetration and strategy pricing. A strategy where an organization offers a low initial price on a product so that it captures as much market share as possible....