Linking promotional activity to the product life cycle

Most large companies produce a variety of goods and services designed to meet consumers’ needs and requirements. Consumers’ expectations and requirements change over time, so firms need to develop new products. Market focused companies use market research to identify these trends. They are continually developing new products, some of which are completely new ideas, while others are improvements on existing ones, also me-too products to find other ways to offer differentiation within their product portfolio. A firm’s need to keep developing new products means that…