“It is not the strongest of the species that survives, or the most intelligent that survives.
It is the one that is the most adaptable to change”- Charles Darwin
Whenever I see an ad on television I wonder why people are constantly marketing the same product with different commercials. I had a notion that if the product is good then people would automatically purchase and use it and for this a couple of ads should suffice. Still why are they spending so much focusing in the marketing section? This question made me perplexed until recently.
Every product has its own life cycle and it generally consists of creation stage, growth stage, maturity stage and decline stage. The graph goes like a normal bell shaped curve.
Thus every product has to face all the four phases. All the companies obviously want their products to be in growth stage forever. How is it possible to keep a product in its growth stage eternally or rather how to prevent the product not entering into the decline stage?
The graph here (will be updated soon) explains that a product can avert stepping into its decline stage by providing it with a new life! And that’s why you see that there are so many modifications done with the same product (Be it in its packaging, flavors, quantity, free gifts and the like)
For instance, lays chips has come out in multiple flavors to relentlessly have its space in the market, chocolates which has come in all possible sizes to fit the purse and similar is the case with shampoo industry which is packed in different volume to cater to the space need of the people.
In the service sector, let’s consider Airtel and Vodafone, each come out with different offers and packages to attract customers and to gain a competitive advantage of the other. Ultimately customer is the king and every product has to be deigned according to his needs! As the adage goes, change is the only thing constant!