There are essentially 4 stages in the modern product life cycle namely – introduction, growth, maturity, decline the introduction stage of the product lifecycle this introduction stage relates to new products being launched on the market for the first time. The product life cycle stages can be used for describing how products and markets work when used carefully, the plc concept can be a great help in developing goods marketing strategies for the different product life cycle stages. Introduction stage – product life cycle strategies the introduction stage is the stage in which a new product is first distributed and made available for purchase, after having been developed in the product development stage. The product life cycle stages are 4 clearly defined phases, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products stages include introduction, growth, maturity and decline and are explained in detail here.
Product passes through four stages of its life cycle every stage poses different opportunities and challenges to the marketer each of stages demands the unique or distinguished set of marketing strategies a marketer should watch on its sales and market situations to identify the stage in which. Product life cycle consists of different stages that a product or brand must occupy in its life there is a chance of missing one or more stage in product life cycle ie one product can be directly shifted from introduction stage to decline. The product life-cycle is also a useful framework for describing the typical evolution of marketing strategy over the stages of product life-cycle this will help in taking sound marketing decisions at different stages of the product life-cycle.
As a product moves through its life cycle, the marketing approach must be adapted all of the information below is based on the product or service being genuinely new to its market (could be available in other markets) and based on the product or service being genuinely good and valued by the market. Benefits of using a product life cycle for revenue marketing managers consider product life cycle as an important measure of sales revenues as you can see from the figure, the slope of the curve denotes the sales of a particular product. The product lifecycle, in a marketing context, is all the stages of a product's life span that are related to its promotion and sales the marketing lifecycle is traditionally broken down into four stages: introduction, growth, maturity and decline. Learn more about the product life cycle on the free tutor2u website: this short revision vide.
Product lifecycle management (plm) should be distinguished from 'product life-cycle management (marketing)' (plcm) plm describes the engineering aspect of a product, from managing descriptions and properties of a product through its development and useful life whereas, plcm refers to the commercial management of life of a product in the. Product development is the incubation stage of the product life cycle there are no sales and the firm prepares to introduce the product as the product progresses through its life cycle, changes in the marketing mix usually are required in order to adjust to the evolving challenges and opportunities. A product is like a human being it is born, grows up fast, matures and then finally passes away the product life cycle discusses the stages which a product has to go through since the day of its birth to the day it is taken away from the market.
The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline. This matrix matches the stages of the product life cycle and the process life cycle and helps you determine whether your strategies are in your company’s area of expertise in other words, if what you are doing or producing is an appropriate fit for your business. Marketing managers consider product life cycle as an important measure of sales revenues as you can see it from the figure, the slope of the curve denotes the sales of a particular product the more the slope then more the sales.
The product and service life cycle the life cycle of your product or service includes a lot of moving parts: research and development, sales approach, analysis, and of course, marketing and pricing. Marketing strategies unique to the stage introduction stage this stage involves introducing a new and previously unknown product to buyers sales are small, the production process is new, and cost reductions through economies of size or the product life cycle author.
Most alert and thoughtful senior marketing executives are by now familiar with the concept of the product life cycle even a handful of uniquely cosmopolitan and up-to-date corporate presidents. The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market the cycle is broken into four stages: introduction. Product life-cycle management (plm) is the succession of strategies by business management as a product goes through its life-cycle the conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. The product life cycle is an important concept in marketing it describes the stages a product goes through from when it was first thought of until it finally is removed from the market not all products reach this final stage.