Product life cycle

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A Brief Introduction to PLC

A Brief Introduction to PLC

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  • 1. Product Life Cycle By – M.M.Killedar
  • 2. Product Life Cycle
  • 3. Facts about Life Cycles • • • • Products have a limited life. Product sales pass through distinct stages. Profits rise and fall at different stages. Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each stage.
  • 4. Common PLC Patterns
  • 5. Style, Fashion, and Fad Life Cycles
  • 6. Introduction stage – Strategies The Pioneer Advantage • • • • • • Objective – Create Product awareness & trial Product – Offer a basic product Price – Charge cost-plus Distribution – Build selective distribution Ads – Product knowledge among early adopters Sales Promotion – Use heavy sales promotion to attract new customers
  • 7. Growth stage – Strategies • Objective – Maximize market share • Product – Offer product extensions, service & warranty • Price – Market Penetration • Distribution – Intensive distribution • Ads – Build interest in the mass market • Sales Promotion – Reduce to take advantage of heavy consumer demand
  • 8. Maturity stage – Strategies • • • • • • Objective – Maximize Profit & defend Mkt share Product – Diversify brands & items models Price – Price to match competitors Distribution – More Intensive distribution Ads – Stress brand differences & benefits Sales Promotion – Increase to encourage brand switching
  • 9. Decline stage – Strategies • • • • • • Objective – Reduce expense & milk the brand Product – Phase out weak products Price – cut price Distribution – Go selective; delete loss-outlets Ads – only for loyal, less Sales Promotion – Reduce to Minimal level