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Product life cycle by Aakash Tiwari

Product life cycle & Marketing Strategy

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Jagran
Lakecity
University
TO:- MRS. JASMIN KHARE
BY:- AAKASH TIWARI
Product Life Cycle &
Marketing Strategy
Product life cycle by Aakash Tiwari
Product Life Cycle:-
A product is introduced among consumers, and if
consumers perceive it as meeting their needs and want, it
experiences a period of growth. Subsequently, it reaches
the stage of maturity and when it loses its appeal, its
decline starts and eventually is may be taken off the
market (demise). The classical product life cycle curves
are depicted as “S” shaped and generally divided in four
stages: Introduction, growth, maturity, and decline.
Product life cycle by Aakash Tiwari
Why would demand change?
•New products meet needs better
» Maruti Swift v/s Maruti 800
• Technology changes
» Video conference v/s air travel
• Substitutes replace a product
» Telegrams v/s SMS, SMS v/s Mobile Chat
• Population moves to the next level in Maslow’s NH
» Basic variant of a car to full loaded model

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Product life cycle by Aakash Tiwari

  • 2. Product Life Cycle & Marketing Strategy
  • 4. Product Life Cycle:- A product is introduced among consumers, and if consumers perceive it as meeting their needs and want, it experiences a period of growth. Subsequently, it reaches the stage of maturity and when it loses its appeal, its decline starts and eventually is may be taken off the market (demise). The classical product life cycle curves are depicted as “S” shaped and generally divided in four stages: Introduction, growth, maturity, and decline.
  • 6. Why would demand change? •New products meet needs better » Maruti Swift v/s Maruti 800 • Technology changes » Video conference v/s air travel • Substitutes replace a product » Telegrams v/s SMS, SMS v/s Mobile Chat • Population moves to the next level in Maslow’s NH » Basic variant of a car to full loaded model
  • 7. PLC Concept is Based on Four Premises Products have a limited life. Profits from a product vary at different stages in the life cycle. Product sales pass through distinct stages, each with different marketing implications. Products require different strategies at different life cycle stages.
  • 8. Introduction Growth Maturity Decline (d) Classical Life Cycle Pattern Time Sales Profits Loss Common Product Life Curves
  • 9. Introduction Stage The introductory stage is viewed as fairly risky and quite expensive because large amounts of money is spent on advertising and other tools of marketing communications to create consumer awareness in sufficiently large numbers, and encourage trial. 3D Televisions: 3D may have been around for a few decades, but only after considerable investment from broadcasters and technology companies are 3D TVs available for the home, providing a good example of a product that is in the Introduction Stage.
  • 10. Introduction Stage of the PLC Sales Costs Profits Marketing Objectives Product Price Low sales High cost per customer Negative Create product awareness and trial Offer a basic product Use cost-plus Distribution Build selective distribution Advertising Build product awareness among early adopters and dealers
  • 12. Growth Stage The growth stage of life cycle is characterized by a sharp rise in sales. Only a small percentage of new products introduced survive to reach the growth stage. Cell phones today, internet, LCD TV
  • 13. Sales Costs Profits Marketing Objectives Product Price Rapidly rising sales Average cost per customer Rising profits Maximize market share Offer product extensions, service, warranty Price to penetrate market Distribution Build intensive distribution Advertising Build awareness and interest in the mass market Growth Stage of the PLC
  • 15. Maturity Stage Most products after surviving competitive battles, winning customer confidence and successful through growth phase enter their maturity stage. The sales plateau, and this flattening of sales usually lasts for some time because most products in the category have reached their maturity stage, and there is stability in terms of demand, technology, and competition. Laptops: Laptop computers have been around for a number of years, but more advanced components, as well as diverse features that appeal to different segments of the market, will help to sustain this product as it passes through the Maturity stage.
  • 16. Sales Costs Profits Marketing Objectives Product Price Peak sales Low cost per customer High profits Maximize profit while defending market share Diversify brand and models Price to match or best competitors Distribution Build more intensive distribution Advertising Stress brand differences and benefits Maturity Stage of the PLC
  • 17. Decline Stage Decline stage sets in when customer preferences change due to the availability of technologically superior products and consumers’ shift in values, beliefs, and tastes to products offering more value.
  • 18. Sales Costs Profits Marketing Objectives Product Price Declining sales Low cost per customer Declining profits Reduce expenditure and milk the brand Phase out weak items Cut price Distribution Go selective: phase out unprofitable outlets Advertising Reduce to level needed to retain hard-core loyal customers Decline Stage of the PLC
  • 19. During the decline phase, the firm generally has three options: • Maintain the product in hopes that competitors will exit. Reduce costs and find new uses for the product. • Harvest it, reducing marketing support and coasting along until no more profit can be made. • Discontinue the product when no more profit can be made or there is a successor product.
  • 20. Introduction Growth Maturity Decline Marketing objectives Create product awareness & trials Gain market share, create strong positions Defend market share, create profits Reduce expenses milk brands Product strategy Offer basic Products Offer product extensions, build service differentiation Diversify brands, items & models Eg. Blackberry Phase out weak products Price Charge cost Plus Penetration price promotions, deals Eg Dominos in India Match pricing to strong competitors Cut prices Advertising & Communicati ons Chosen market segments are addressed Segment awareness Advertise differentiation Reduce levels to retain loyalists Place Build Selective Distribution Build intensive distribution Build more intensive Go Selective: Phase out Marketing Strategies in the PLC