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3. Maturity – sales are near their highest, but the rate of growth is slowing
down, e.g. new competitors in market or saturation
This can be illustrated by looking at the sales during the time period of the
product.
Extension strategies extend the life of the product before it goes into
decline. Again businesses use marketing techniques to improve sales.
4.Explore new markets selling the product into new geographical areas or
creating a version targeted at different segments
Characteristics of a Service
1. Lack of ownership. You cannot own and store a service like you can a
product. Services are used or hired for a period of time. For example when
buying a ticket to the USA the service lasts maybe 9 hours each way , but
consumers want and expect excellent service for that time. Because you can
measure the duration of the service consumers become more demanding of it.
Product Branding
Trademarks
It not only provides protection to the product but also acts as a promotional tool.
Sometimes, customers assess the quality of the product from its packaging.
Packaging has played an important role in the success of many products like
Colgate Toothpaste, Lays Wafers etc. It has been described as silent salesman.
Levels of Packaging
Functions of Packaging
Importance of Packaging
2. Self Service Outlets At present, packaging has occupied a place of silent
salesmanship especially at self service outlets.