Product life cycle

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A Brief Introduction to PLC

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Product life cycle

  1. 1. Product Life Cycle By – M.M.Killedar
  2. 2. Product Life Cycle
  3. 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. 4. Common PLC Patterns
  5. 5. Style, Fashion, and Fad Life Cycles
  6. 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. 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. 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. 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

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