The Product Life Cycle
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The Product Life Cycle shows how sales of a product change over time from development through maturity and decline. In development, significant resources are spent with negative cash flow. In introduction, promotional spending is high to generate initial sales. Growth sees positive cash flow as costs are spread over increasing sales. Maturity brings stable sales and profits as less is spent on promotion. In decline, sales fall unless extension strategies prolong the product's life.
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The Product Life Cycle (PLC) model describes the typical stages of a product's revenues and profits over time. These stages are introduction, growth, maturity, and decline. During introduction, sales are low as the product reaches the market. In growth, sales rapidly increase as the product gains popularity. Maturity brings peak sales but lower growth as competition rises. Finally, decline occurs as sales plateau and eventually fall as the product becomes obsolete. The PLC helps companies plan marketing strategies for each stage to maximize profits and manage costs.
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3. An introduction to the concept of product lifecycles, which describe the typical stages of introduction, growth, maturity, and decline that products experience over time.
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The document outlines the typical stages in a product's life cycle: development, introduction, growth, maturity, saturation, and decline. During development, market research is conducted to build prototypes. Introduction involves heavy advertising costs and high production costs due to low scale. In the growth stage, awareness and word of mouth increases sales rapidly. Maturity is when sales peak and profits are highest, with competition entering. Saturation occurs when all potential buyers own the product. During decline, sales fall as better products emerge and technology becomes obsolete, leading companies to employ extension strategies like new packaging or changing the product.
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This document discusses sales promotion strategies and tools. It outlines objectives like attracting new customers, rewarding loyal ones, and increasing repurchases. It recommends establishing objectives, selecting appropriate tools, developing the promotion program, pretesting it, implementing and controlling it, then evaluating results. Some example tools mentioned are coupons, contests, premiums, trade shows, and samples. The document also discusses factors to consider when selecting tools, like the market type, objectives, and competition.
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Sales promotion is used as an incentive to encourage customers to purchase a product. It aims to stimulate immediate sales and can include discounts, coupons, samples, and sweepstakes with a limited time period. Sales promotion targets both trade partners to increase stock and consumers directly to induce trials, create new users, and reward loyal customers. While advertising communicates reasons to buy, sales promotion provides economic motivation for purchase.
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Product life cycle definition, developing new idea, introduction stage, growth stage, majority stage, decline stage
Produc market analysis
The document discusses the Ansoff Matrix, which is a tool created by H. Igor Ansoff to help businesses decide their product and market growth strategy. The matrix suggests that a business' growth attempts depend on whether it markets new or existing products in new or existing markets. It outlines the four growth strategies as market penetration, market development, product development, and diversification. It provides a brief description of each strategy and the general risks associated with them.
Marketing
The document discusses the product life cycle (PLC), which consists of four stages: introduction, growth, maturity, and decline. It provides examples of products currently in each stage. The introduction stage focuses on creating awareness through limited distribution and promotions. In the growth stage, sales increase as more companies enter the market. The maturity stage sees sales peak and profits decrease as competition intensifies. Finally, the decline stage is marked by falling sales and profits as the product becomes obsolete. The document also discusses different types of product life cycles, such as those for fashions, fads, and styles.
CHAPTER-4-Setting-price-levels-mgmt20.pptx
This document discusses pricing strategies over a product's life cycle. It outlines the four stages of a product life cycle: introduction, growth, maturity, and decline. For each stage, it provides pricing strategies and considerations. For example, in the introduction stage prices can be set high if the product is unique, or low to attract customers and compete if the market already has alternatives. In maturity, discounts and promotions can create curiosity to combat saturation. The goal is to understand how pricing impacts sales and profits at each phase of a product's time in the market.
product life cycle
the ppt contains detailed stages of product life cycle with their specific strategy requirements and examples in Indian context, limitations, uses and significance along with special cases of PLC
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The Product Life Cycle
- 1. The Product Life Cycle shows how sales are likely to be generated throughout the market life of a product
- 2. Developement Significant time, money, and energy must be spent making sure that a product is ready for market Because no sales will be made at this stage, the cash flow will be negative
- 3. Introduction When the product is launched Focus is needed on the promotional part of the marketing mix, especially in consumer markets, to get the product onto the shelves and into consumers’ minds In this stage, often times the cash outflows are greater than the cash inflows
- 4. Growth When sales start to take off Different pricing strategies can be used depending on the market and the product being sold EX) new technology such as new computer software or game consoles will start out with higher prices but some other products will need to start out at a lower price in order to attract market share quickly In this phase, the cash flows will be turning positive and the product will start to make a profit as promotional costs are being spread over many more units
- 5. Maturity Sales stabilize and the product has reached its level in the market Because the product is now well known less money will be spent on promotion and the business can benefit from repeat business by satisfied customers Cash inflows usually exceed the cash outflows at this stage Here the business take the profits of its earlier spending
- 6. Decline Sales start to fall, possibly from newer or better products coming into the market Businesses must decide whether to let the product die or to prolong the life of the product by using extension strategies
- 7. Graph of the Product Life Cycle Sales Volume Development Introduction Maturity Growth Decline Time