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Managing the product life cycle
Sometimes demand patterns must be modified for consumers to perceive a firm's product differentiation as worthwhile. So, there are three choices in demand patterns such as homogeneous, diffused and clustered. In homogeneous demand, consumers have similar needs and desires for a good or service. In diffused, consumer needs and desires are so diverse that no clear clusters or segments can be identified. On the other hand our marketing homework help experts says that, in clustered, consumer needs and desires can be grouped into two or more identified clusters or segments.
Further, these demand patterns can be modified into various sub-choices according to the personal and geographic factors such as age, gender, occupation, location, climate, personality and attitude of customers. Through segmenting the customers according to these choices and sub-choices, marketers can manage product life cycle easily. Companies can segment their customer and target a specific segment according to the needs and desires of customers. PLC management is a driver of successful product development and strategic contributor to business value across the enterprise. PLC management also helps product manufacturers to manage complex and cross- functional processes.
Examples
Unilever provides different homogeneous products to its consumers as these products satisfy their similar needs and desires. In diffused demand, consumer needs and desires for a good or service category are so diverse that clear clusters cannot be identified. Marketing efforts are complex and product features are harder to communicate and more product versions may be offered. For example, Lipsticks, consumers have diverse preferences for lipstick colors. Same person may desire several colors on different occasions. So, marketers offer a range of colors for customers to manage product life cycle and demand.
In clustered demand, customer needs and demands can be grouped into two or more groups according to their needs and desires. For example, Volkswagen provides cars in three range premium, medium and low according to the needs of customers. It offers Jetta, Beetle, Passat in premium range, Vento in medium range and Polo in low range for customers according to their income level and desires.
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