Concept of PLC as Strategic Tool .


PRODUCT LIFE CYCLE 

Product life cycle is the process of managing the entire lifecycle of a product from inception, through engineering design and manufacture, to service and disposal of manufactured products.




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 LIFE CYCLE STAGES :
  1. Product development  
  2. Introduction  
  3. Growth  
  4. Maturity   
  5. Decline