PRODUCT LIFE CYCLE CURVE
The good milk has reached the maturity stage now and never faces downfall or decline.
• Introduction stage: Good milk was launched in 2006. At that time, it has no market share and market place. They have applied the penetration strategy and make their place in market. The quality of the product is not up to mark and the packing is also not up to the mark. The price of the milk is according to the competitor’s price. The company was focusing mainly on the promotions of the milk because the good milk was new product in the market and unless the product is not properly advertised in the market the customers are not aware of that product. So, the main focus of good milk in this stage is their advertisement.
• Growth stage: after the introduction stage good milk starts growing and reached the growth stage. In this stage company main focus is to make product quality up to the mark to compete with their competitors and they improve their packaging as well. The promotional strategy was much better from the introduction stage and the prices are slightly increased due to inflation and some other factors.
• Maturity stage: in this stage company entire strategies are different from the past two stages they are doing everything premium this time from product to promotion. They have change their entire promotional strategy by saying that good milk is not only a simple milk it’s a life style. And the product is still in the maturity stage.
BOSTON CONSULTING GROUP MATRIX
According to the Brand manager of Shakarganj Good Milk their product (Good Milk) is for everyone and for every purpose.
“We are targeting everyone who use our product either child, teenagers, young adult, elder, male or female, for every use like for tea, coffee, for cereals, as a plain milk, for shakes or for other milk products”.
The segmentation of target market is done on the following basis