Stages of product life in the market

This is the process a product passes through from its introduction to the market to its decline. Four stages include

a).  Introduction;when introducing a new product to the market, market research should help you understand the fundamental decisions: the consumers, its price, target market, and consumer needs.

b).  Growththe business will need to develop strategies to expand by examining its competitors and new potential threats.

c).  maturity is the product’s peak, and the business should start focusing on competitive intelligence to gain its customer base.

d).  The declinein the period there is a downward drift of sales. The business should focus on new changes that may positively impact sales with the potential to revamp revenue.

Steps in planning marketing

The marketing process steps are the framework where value is created for the consumers. Businesses get profit from large base of customers who appreciate the business products.

Steps in planning marketing process involve.

a).   Understand the market and consumer needs and wants; The business can fully satisfy the consumer needs and create a relationship.

b).   Design a customer-driven marketing strategy; an enterprise should develop a short-term and a long-term marketing strategy to have a strong value proposition for tremendous advantage in target markets.

c).   Develop an integrated market plan; the company should be able to outline which customers it should serve and gain value from them. The marketing plan should be able to build customer relations by transforming market strategies into action.

d).   market mix; aims to create value for customers and build a profitable customer relationship with the target customer. Customer delight is critical in this step.

e).   Implementation and control; this involves putting everything together so that any action taken contributes to the business’s success.

Emmanuel Addo

Emmanuel Addo is the founder of the Young Global Leaders Network, an international non-governmental organization registered in six (6) countries namely, Ghana, United Kingdom, Nigeria, Sierra Leone, Democratic Republic of Congo, and South Sudan and has a membership strength of over 15,000 young black professionals, students, graduates, and aspiring leaders.

The organization also operates in 25 other African countries. Emmanuel also doubles as the chief convener and founder of the Young African Leaders Summit, one of the largest continental youth summits in Africa.  

Currently works at Kingston University as a Business Engagement Team Member in their Partnerships and Engagement Department. 

He characterizes energy, integrity, result-oriented, and ground-breaking service in each detail of strategic management, change management, stakeholder management, and leadership acquaintances.
Emmanuel owns a core background in Sociology and Psychology from the University of Ghana.

Leveraging his experience as a youth activist and a dynamic young man, Emmanuel founded the Young Global Leaders Network, a youth organization that comprises young diplomats, young politicians, and aspiring politicians, business/entrepreneurial business leaders with the aim of championing a mutual agenda for the African youth and promoting youth participation in governance as well as promoting entrepreneurial culture.
Emmanuel nurtures an environment of teamwork and has expertise in data collection and analysis as well as both quantitative and qualitative methods.

Emmanuel worked as an Associate Lecturer at the London College of Advanced Management where he delivered a wide range of business management courses that involved principles of marketing, leadership, operation management, and research methods. Emmanuel has always maintained high teaching and learning standards to ensure that his students’ stand out in academic achievements and successful progression. As a stout believer and passionate key player in volunteering; Emmanuel creates quality time to giving back gladly to his community what he has learned and to educate individuals with free consultancy on career development. He is a leader anyone would love to look up to and with great integrity, commitment, and passion to make the world a better place.
Emmanuel worked as Qualifications Manager at the Open University in the UK.

Emmanuel is also the founder of Kickstart Innovation Hub Ltd, the entrepreneurial hub of Young Global Leaders Network.