The product life cycle of Sprite, a popular lemon-lime flavored carbonated beverage, can be broken down into four distinct stages: introduction, growth, maturity, and decline.
During the introduction stage, Sprite is launched onto the market and introduced to consumers. This stage is characterized by heavy marketing and promotional efforts, as the brand seeks to establish itself and build awareness among potential customers. The goal at this stage is to generate trial and encourage consumers to try the product.
Once Sprite has gained a foothold in the market, it enters the growth stage. During this phase, demand for the product increases and the brand begins to experience rapid sales growth. This is the stage at which Sprite establishes itself as a major player in the carbonated beverage market and begins to compete with other established brands.
As Sprite enters the maturity stage, its sales growth begins to slow down and it becomes a more established and mature product. At this point, the brand may focus on maintaining its market share and maximizing profits through cost-cutting measures and price increases.
Finally, as the product reaches the decline stage, demand for Sprite begins to decrease and the brand may struggle to maintain market share. This may be due to a variety of factors, such as changes in consumer preferences, the introduction of new and innovative products, or increased competition. In this stage, the brand may decide to discontinue the product or reposition it in an effort to rejuvenate sales.
Overall, the product life cycle of Sprite is a dynamic and evolving process that has seen the brand rise to prominence and become a household name among consumers. Despite facing challenges and changes in the market, Sprite has managed to maintain its position as a leading carbonated beverage and remains a popular choice for consumers around the world.
Product Life Cycle
During the second stage, the product continues to garner popularity. Stages There are four product life cycles stages. They sometimes think increasing awareness will help them continue to grow. This product does not have the pull that is exhibited by Coke and Pepsi but stands a great chance to exploit that potential. These included advertising, public relation, sales promotion, and incorporation of emerging information communication technologies. Product ideas can come from internal and external sources: existing customer data, competitor activities, logistics personnel interactions, industry leaders and experts, online websites, social media portals, etc. In April of 1985 Coke changed the formula of their soft drink.
Product Life Cycle perfectly explained with 12 Real Examples.
The brand receives a major backing from the mother company, Coca-Cola which has enabled the product to have an access to the distribution channel used by this company Bhasin, 2017. The seasonal monsoon winds that blow north from the Indian Ocean over Asia produce vast amounts of rainfall in the Himalayan Mountains and the Tibetan Plateau. The integration of data science and analytics is proving to be a game-changer for businesses across industries with organisations using data-led insights to build future strategies for growth. In addition, firms attain economies of scale at this phase enabling them to develop their competitive advantage about pricing. Learn More About McDonald's Marketing Strategies In summary, product life cycles have four different stages: introduction, growth, maturity, and decline. The Coca-Cola bottling system continued to operate as independent, local businesses until the early 1980s when bottling franchises began to consolidate. The ultimate effect is that the firm can develop a high competitive advantage.
Product lifecycle of sprite Free Essays
The essay discussed the product life cycle in an easy-to-understand manner, following the Introduction, Growth, Maturity, and Decline of the product. The company is driven by the strength which is bestowed on the ability to reach the global community while maintaining a local focus. . Therefore, product managers would create awareness in the market by devising marketing strategies and novel promotional campaigns. Furthermore, the product life cycle also lays a product roadmap, which helps in navigating through success and recognition when executed properly.
