PRODUCT LIFE CYCLE
FEATURES OF PRODUCT LIFE CYCLE (PLC):
–Each product may have a different life cycle.
–PLC determines revenue earned.
–Contributes to strategic marketing planning.
–May help the firm to identify when a product needs support, redesign, reinvigorating, withdrawal, etc.
–May help in new product development planning.
–May help in forecasting and managing cash flow.
-The Product Life Cycle (PLC) has Five Stages
–Product Development, Introduction, Growth, Maturity, Decline.
–Not all products follow this cycle:
• Fads
• Styles
• Fashions
The
product life cycle concept can be applied to a:
–Product class (soft drinks)
–Product form (diet colas)
–Brand (Diet Dr. Pepper)
–Product class (soft drinks)
–Product form (diet colas)
–Brand (Diet Dr. Pepper)
PRODUCT LIFE CYCLE STAGES :
- Product development
- Introduction
- Growth
- Maturity
- Decline