Types of Market Research Needed in Different Stages of a Product’s Life Cycle

Marketing

In an era of almost similar products and a ‘survival-of-the-fittest’ market, marketers have to take every step with caution and meticulous calculation. One wrong decision can bring their figures crashing down or even land them onto bankruptcy. Considering market research at all points of a product’s life cycle is therefore very important. Here’s a guide to when and what kind of marketing research you will need through a product’s life.

How much do I spend on marketing for my product? When and how frequently should I consider marketing it? Do I need to be aggressive in my marketing approach or should I just let the market take its own course with my product?

All this and many more such important questions are very important considerations that business owners must make before considering marketing their products. Every product has a life and it passes through four stages namely, Introduction, Growth, Maturity and Decline. The graph below illustrates the product life cycle.

Now, at different stages of the product’s life, different strategies will be required to boost sales and make profits. This could be for various reasons like changing consumer preferences, new products being launched, competitive prices of the same products, etc.

So here are examples of different kinds of marketing research needed at different stages of a product’s life cycle:

Introduction

The introduction phase particularly comprises of the development and launch of the product. This stage requires market research directed at gaining information on the existing competitors in the market, the distribution channels that are available, the buyer preferences and behavior, the introductory price, etc.

Growth

With the product out in the market and making decent profit, new concerns arise. Market research is then needed to procure information on your upcoming competition, moves that your existing competitors are making, the market demand for your product, reasons for considering expanding production facilities, keeping up the positive image that your product has carved in the minds of your consumers.

Maturity

At this stage you product sales graph becomes almost flat, which is why this period is also referred to as the climax stage. Research at this stage should be directed towards studying your competitors, working on targeting and segmenting your product. This can get help break the ice and boost sales considerably.

Decline

Customers at this stage have already known your product for quite some time now. There is not much left to be done with the same product. However, you could consider researching on the effect of price variations on your product and whether you’ll be able to afford the same.

But, if you can’t afford a price reduction, the only way out is considering research and development to improve and upgrade your existing product to get back in competition again.

There is really no end to the process of market research. Its need being omnipresent and significant in the world of markets, business and competition, only enhances and uplifts its importance, time and again.

How critical can market research be for a product’s success? Share your thoughts and takes with us; we’d love to hear from you. If you need more information on market research services, get in touch with us at Impetus Research Pvt. Ltd., the leading agency in India for market research services.

Types of Market Research Needed in Different Stages of a Product’s Life Cycle

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