New product development and product life cycle strategies

"Both consumers and companies love new products consumers because they solve problems and bring variety to their lives, and companies because they are a key source of growth (Armstrong & Kotler, marketing, pg. 233)."

New products excite both marketers and consumers. Variety is what is preferred these days. Having the opportunity of choosing between a variety of products in a brand gives availability to diverse customers. When producing a new product such as my cookbook, research can help the process go smoother. The product should say what it is and anticipate customers needs while delighting them. "My Ghetto Cookbook" is a special product, the story it tells is unique. The cookbook gives easy recipe ideas that can be accomplished on the go and taste good. "After launching the new product management wants the product to enjoy a long an happy life, although it does not expect the product to sell forever. the company wants to earn a decent profit to cover all the effort and risk that went into launching it (Armstrong & Kotler, marketing, pg. 246)." Reaching the success right after a product is launched is easier said than done. While some products take off faster than others what i expect of my product is to be steady. I don't expect the first edition to sell forever but it will be available to purchase at all times. After the launch of my first cookbook I think the hard work and effort will pay off and strengthen the reputation and development of Chelz Productions. The course of a product's sales and profits over its lifetime is what is known as the product life cycle. I've interpreted the product life cycle strategies into my marketing plan to stay organized and understand how to evaluate the cookbook. Knowing where my product stands can strengthen my chances of lengthening my success. Obviously product development is the first stage in the product life cycle and is then followed by introduction, growth, maturity, and a decline stage. All products don't follow these exact stages which leads those products to die quickly. The product life cycle definitely outlines my plans of my products progress.