PLC and the Diffusion of Innovation models

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Introduction
This is the phase when anew product is first brought to the market. Sales are low and creep along slowly. This phase includes a substantial investment in advertising & a marketing campaign to make consumers aware of the product & its benefits.
Growth
Demand begins to accelerate and the size of the total market expands rapidly. It might also be called the Takeoff Stage. Demand grows, production is increased, and availability expands.
Maturity
As a product matures, it enters its most profitable stage, while the costs of producing and marketing decline.
Decline
The product tends to lose consumer appeal & sales drift downward because of the increased competition as other companies emulate its success, sometimes with enhancements or lower prices. Another model that tracks the adoption of an offering over its life cycle is Everett Rogers’s Diffusion of
Innovation model. Most companies have the biggest difficulty in crossing the chasm and for their new products to enter the mainstream market


Go-To-Market Strategy
The go-to-market strategy, also known as the GTM strategy, is an action plan that details how a company will connect with customers and acquire a competitive advantage. By considering factors including value propositions, price, promotions, and distribution channels, it seeks to provide a roadmap for delivering a good/service to the final user. Steps to follow in a go-to-market strategy areas follows
• Define the Target Market

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• Define the Product
• Define the Value Proposition of that product
• Select an appropriate Pricing Strategy
• Devise the Distribution Channels to be used
• Plan Marketing and Promotion Strategies

Push and Pull Marketing
Push marketing refers to pushing your brand in front of your potential customer or making it accessible to the general public, whereas pull marketing entails putting in place and implementing strategies that automatically draw consumer interest to your products and services and develop a loyal customer base.
Relationship Marketing
Relationship marketing is a branch of customer relationship management (CRM) that prioritizes long-term involvement and customer loyalty over immediate objectives like client acquisition and individual sales. Relationship marketing, also known as customer relationship marketing, aims to establish deep, even emotional relationships between a company and its customers that may result in recurring sales, unpaid word-of-mouth advertising, and customer data that might produce leads. Its benefits include Higher Customer Lifetime Value (CLV, a measure of how much profit a business can earn from the average customer over the course of their relationship, reduction in marketing and advertising spending, and a stronger organizational alignment around the customer.

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