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MRKT 354 (34)

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MRKT 354
Greg Libitz

people the service employee is critical to the success of a service business. interaction with employees strongly influences customers’ perceptions of service quality. internal marketing is based on the idea that if a company expects its employees to treat customers well, the organization must treat its employees like valued customers product life cycle the product life cycle describes the stages a product goes through in the marketplace. introduction stage the first stage of the product life cycle is characterized by growing sales and little profit. the marketing objective is to promote awareness and stimulate trial. price can be high (skimming) or low (penetration). the need in this stage is to develop primary demand, a desire for the product class. selective demand, a desire for a specific brand, occurs later in the life cycle during the maturity stage. high-definition television (hdtv) and electronic imaging cameras are poised to enter this stage. growth stage this stage is characterized by a rapid increase in sales and the appearance of competitors. laptop comuputers and disposable 35mm cameras are in this stage in canada at this stage, the brand must be differentiated from competitors. distribution is an important element of the marketing mix in this stage. maturity stage the third stage is characterized by a leveling off of sales revenue. profit declines as the marginal cost of gaining each new buyer is greater than the resulting revenue. promotion is geared to creating selective demand. stand-alone fax machines are in the maturity stage. decline stage sales and profits are steadily dropping in this stage. companies
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