Q.
a) Explain stages of 'Product Life Cycle'. (10 marks)
b) With a relevant example in real estate, elaborate the marketing strategies to be adopted in any two (2) of the identified stages. (15 marks)
(25 marks, 2013 Q5)
A.
a) Earlier post Past Year 2011 Q4 is referred here.
b) Marketing strategies for any 2 stages - examples.
2011 Q4b here has a good summary.
Stages of Product Life Cycle:
- Introduction
- Growth
- Maturity
- Decline
Marketing Strategies for the selected two stages:
Growth Stage: Strategies
Lots of condominium are coming to the market and people are facing scarcity of land, thus pushing further the condo living. This phase of growth is seen with people rushing to buy condominium instead of landed properties.
- Product exclusivity, for high profit margin as demands are high.
- Service tied in with Club Memberships, Limited Parking Lots, etc to enhance value.
- Extensive Road Shows and exclusive buyers' club, as it is a trend to invest for appreciation.
- Brand exclusiveness, with niche product, e.g. big swimming pool.
Maturity Stage: Strategies
Various types of condo styles, line-extension like studio, two-rooms, three-rooms, and duplex units.
Heavy bundling with furniture, built-in cabinets, furnished with air-conditions - sales and advertising.
- Creative styles of choices of builds as market is saturated.
- Various price range to suit more affordable classes.
- Value added ancillary products like extra car park, club membership as freebies.
- Heavy advertisement in the mass media as to fence off competitors.
Ref:
Earlier post Past Year 2011 Q4.
Own account.