Brand Life Cycle
The three phases through which brands pass as they are introduced, grow, and then decline. The three stages of the brand life cycle are the introductory period, during which the brand is developed and is introduced to the market; the growth period, when the brand faces competition from other products of a similar nature; and, finally, the maturity period, in which the brand either extends to other products or its image is constantly updated. Without careful brand management, the maturity period can lead to decline and result in the brand being withdrawn. Similar stages can be observed in the product life cycle.
Brand Life Cycle and Strategy
Generally speaking, every brand or product has its life cycle which spans from the time it is launched to the time it exits from the market. This cycle covers five stages, namely product development, introduction, growth, maturity and decline. The life cycle of each and every brand or product is different, and different advertising strategies should be adopted at different stages to suit the marketing targets and market environment in order to achieve the best marketing results.
Product Development -- This is the stage of design, production and research carried out by a company to ensure that its products can meet consumer needs through sufficient market survey. The company will also improve its products in the light of market response and gradually build up its brand.
Introduction -- During this stage, the product is introduced into the market and publicity campaigns are launched to promote its functions, features, quality and usage and attract customers to try out or buy the product.
Growth -- The branded product begins to build up its following among consumers during this stage ...