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Compare and contrast how the marketing mix changes over the product life cycle for specialty good versus a convenience good.
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Compare and contrast how the marketing mix changes over the product life cycle for specialty good versus a convenience good. Convenience products are typically inexpensive items consumers use frequently and purchase with minimum effort and comparison (Hoffman et al, 2003; Kotler et al, 2001). On the other hand, specialty goods have unique characteristics and brand identification, where the product reflects the consumer's personality and self image (Hoffman et al, 2003; Kotler et al, 2001). Any product introduced onto the market will undergo a product life cycle (PLC). The PLC recognises that there are distinct stages in the sales history and profitability of a product (Paladino, Dr. A, 2004). These stages are characterised by introduction, growth, maturity and decline. As a product progresses through its lifecycle, changes in marketing strategies are required in order to adjust to the changing environment. Marketing mix refers to a set of variables implemented by a company to...
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