Introduction Stage

In the introduction stage, the firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows:

· Product branding and quality level is established and intellectual property protection such as patents and trademarks are obtained.

· Pricing may be low penetration pricing to build market share rapidly, or high skim pricing to recover development costs.

· Distribution is selective until consumers show acceptance of the product.

· Promotion is aimed at innovators and early adopters. Marketing communications seeks to build product awareness and to educate potential consumers about the product.

reference: Quickmba.com