The document discusses the product life cycle (PLC) which describes the stages a product goes through from introduction to growth, maturity, and decline. It outlines the characteristics and challenges of each stage and how the marketing mix of product, price, place, and promotion should be adapted. The introduction stage focuses on building awareness, while growth prioritizes market share and brand preference. Maturity sees increased competition and the need to defend market share. Decline requires action like cost cutting or product rejuvenation to counter losses. Determining what stage a product is in can be difficult, and some products have extended their life cycles through innovation and new uses.
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The document discusses the product life cycle (PLC) which describes the stages a product goes through from introduction to growth, maturity, and decline. It outlines the characteristics and challenges of each stage and how the marketing mix of product, price, place, and promotion should be adapted. The introduction stage focuses on building awareness, while growth prioritizes market share and brand preference. Maturity sees increased competition and the need to defend market share. Decline requires action like cost cutting or product rejuvenation to counter losses. Determining what stage a product is in can be difficult, and some products have extended their life cycles through innovation and new uses.
The document discusses the product life cycle (PLC) which describes the stages a product goes through from introduction to growth, maturity, and decline. It outlines the characteristics and challenges of each stage and how the marketing mix of product, price, place, and promotion should be adapted. The introduction stage focuses on building awareness, while growth prioritizes market share and brand preference. Maturity sees increased competition and the need to defend market share. Decline requires action like cost cutting or product rejuvenation to counter losses. Determining what stage a product is in can be difficult, and some products have extended their life cycles through innovation and new uses.
Copyright:
Attribution Non-Commercial (BY-NC)
Available Formats
Download as PPT, PDF, TXT or read online from Scribd
The document discusses the product life cycle (PLC) which describes the stages a product goes through from introduction to growth, maturity, and decline. It outlines the characteristics and challenges of each stage and how the marketing mix of product, price, place, and promotion should be adapted. The introduction stage focuses on building awareness, while growth prioritizes market share and brand preference. Maturity sees increased competition and the need to defend market share. Decline requires action like cost cutting or product rejuvenation to counter losses. Determining what stage a product is in can be difficult, and some products have extended their life cycles through innovation and new uses.
Copyright:
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Download as PPT, PDF, TXT or read online from Scribd
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BY:
Anshu Atreja (Roll No. 10)
Heena Jhamb (Roll No. 19) PRODUCT LIFE CYCLE (PLC) deals with the life of a product in the market with respect to business/ commercial cost & sales measures When we say that a product has a life cycle we assert three things: i. Products have a limited life. ii. Products sales pass through distinct stages, each posing different challenges, opportunities and problems to the seller. iii. Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life – cycle stages. 1) Introduction stage 2) Growth stage 3) Maturity stage 4) Decline stage The firm seeks to build product awareness & develop a market for the product. Impact on marketing mix is as follows: 1) Product – branding & quality is established, intellectual property protection are obtained 2) Pricing – low penetration pricing to build market share, OR high skim pricing to recover development costs. 3) Distribution – selective until consumer show acceptance of the product 4) Promotion – high attention to create awareness about the product & attract the potential consumers. The firm seeks to build brand prefrence & increase market share. Impact on marketing mix is as follows: 1) Product – quality is maintained & additional features & services may be added 2) Pricing – maintained , with little competition. 3) Distribution – increased channels & customer accepts the product 4) Promotion – aimed at broader audience. Strong growth in sales diminishes. Competition may appear with similar products. Prime objective at this point is to defend market share while maximizing profits. Impact on marketing mix is as follows: 1) Product – feature may be enhanced to be unique in market 2) Pricing – lower due to huge competition 3) Distribution – more intensive to encourage preference over competing product.. 4) Promotion – emphasizes over products uniqueness. This is the last stage where the firm tends to get losses. In order to counter it, a firm has several options: 1) Maintain the product & rejuvenating it by adding new features & finding additional usage of the product. 2) Cost cutting & continue to offer in market. 3) Discontinue the product. 4) Selling the product to the firm who is willing to continue the product. Based on factual assumptions Difficult to determine in which stage the product is actually in. Rise or decline per sale is not the evidence of growth or decline respectively in growth of product. Many products till date have not experienced a decline like , PEPSI & COCA COLA which are existing in market till now& still popular Every product has a life cycle & every company focuses on extending it by: 1) Using innovative techniques to maintain interest of consumer. 2) Educate people for multiple use of the products.
