Product Life Cycle
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The document discusses the product life cycle concept which outlines the different phases a product goes through. It describes the stages as research and development, introduction, growth, maturity, and decline or rejuvenation/termination. The concept is used to forecast sales behavior, assist with marketing strategy formulation, and analyze deviations from projections. The stages involve complex research initially that absorbs significant resources before sales are achieved in the introduction phase through promotional activities. Growth sees increased distribution, promotions, and product improvements for the longest and most profitable phase.
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1
PRODUCT LIFE CYCLE
Why are New Products Important?
Companies are ever-evolving. The primary way that companies make changes is by offering
new and improved goods and services to customers. Companies seek to improve their current
products for numerous reasons: a simple point of corporate pride, to be consistent with an image
of being innovative, as an effort to better satisfy current customers or attract new customers, or to
stave off competition.
Change is inevitable. Change is good. Its been shown that new products increase a companys
long-term financial performance and the firms value.
How Does Marketing Develop New Products for Their Customers?
Top-down: The process of developing new products depends first on a companys culture. Some
companies take a nearly exclusively top-down approach, beginning with idea generation,
proceeding to design and development, and then commercialization. This approach is found
frequently among companies with strong engineering orientations, pharmaceuticals and bio-
medical firms, financial services, and many high-technology companies. The approach follows
the build a better mousetrap philosophy. A top-down approach is also referred to as the inside-
out approach because the idea comes from within the firm and the feedback is received later in
the process from outside sources.
Bottom-Up: The opposite approach is referred to as co-creation (with the customer).
Figure 1: New Product Development Process
2
For most products, the new product development process is complicated and it does not follow a
straight path through the steps. The entire process requires a great deal of refinement, including
winnowing of ideas, and tweaking them in-house. In the early stage of idea generation,
knowledge of customer needs and wants interacts with corporate and marketing strategies to see
what potential new products make sense for the firm. Marketing research should also be involved
in all the refinement phases and in the decisions about the marketing mix that must be made as
the launch approaches. All the marketing components are treated holistically from the beginning
of the process till the launch, thus, as the product concept is refined, so are decisions about retail
outlets, price points, etc., in order to offer the customer a consistently positioned product.
What is the Product Life Cycle?
The product life cycle is a popular metaphor in marketing to describe the evolution and duration
of a product in the marketplace. The stages within this life cycle are market introduction, market
growth, maturity, and decline. Sales and profits behave predictably during the different phases,
and the marketing actions that are thought to be optimal during each phase are also clearly
prescribed.
Figure 2. The Product Life Cycle (PLC)
Figure 2 displays the product life cycle as well as the profit and sales curves.
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The product life cycle involves five stages: development, introduction, growth, maturity, and decline. During introduction, sales are low and profits negative as the product reaches the market. In the growth stage, sales increase rapidly as the product gains acceptance. Maturity follows as sales peak and competition increases. Finally, the decline stage occurs as sales fall off. Companies must adapt their marketing strategies to each stage of the cycle to maximize profits throughout the product's lifetime.Plc
PlcPeea Bal Chakraborty
油
The product life cycle involves five stages: development, introduction, growth, maturity, and decline. During introduction, sales are low and profits negative as the product reaches the market. In the growth stage, sales increase rapidly as the product gains acceptance. Maturity follows as sales peak and competition increases. Finally, the decline stage occurs as sales fall off. Companies must adapt their marketing strategies to each stage of the cycle to maximize profits throughout the product's lifetime.Iarb reba2 m3_t2_s1
Iarb reba2 m3_t2_s1Joseph Nagy
油
This document discusses product portfolio management and the product lifecycle (PLC). It describes the five stages of the PLC as development, introduction, growth, maturity, and decline. A product portfolio manager evaluates where each product sits in the PLC based on metrics like sales and profits. The manager then establishes strategic objectives for the products depending on their lifecycle stage, such as building awareness in introduction or defending market share in maturity. The document also discusses ways to potentially extend the maturity phase, like finding new customers or uses for the product. Maintaining a balanced portfolio with products in different lifecycle stages can help reduce risk.International product life cycle
International product life cycleManjunath Singh
油
The document summarizes the international product life cycle theory, which describes how industries and companies evolve their marketing strategies over time and across borders. It outlines the four primary elements of the theory - demand, manufacturing, competition/marketing strategies, and the innovating company's strategy - and how they change through a product's introduction, growth, maturity, and decline stages in different markets. The introduction stage involves building awareness and a niche market with high costs, risk, and promotion expenses. Growth sees rising sales and profits as production scales up, allowing more promotion. Maturity is the most competitive as companies focus on market share while considering innovations. Eventually decline begins as the market becomes saturated or consumers switch to newer products.Product Life Cycle
Product Life CycleDr Pooja
油
Product Life Cycle (PLC) describes the stages through which all products pass from introduction to decline. The major stages are introduction, growth, maturity, and decline. The length of each stage can vary significantly between products.
Marketing strategies must change according to the stage of the PLC. In introduction, strategies focus on price and promotion to gain awareness. In growth, strategies aim to sustain market expansion. In maturity, strategies involve product improvements and market modifications to compete intensely. In decline, strategies assess whether to continue, improve, or drop underperforming products. PLC analysis helps businesses plan effectively for changes over a product's lifetime.Bus169 Kotler Chapter 09
Bus169 Kotler Chapter 09Alwyn Lau
油
The document outlines the new product development process, including idea generation, screening, concept development and testing, marketing strategy development, business analysis, product development, test marketing, and commercialization. It discusses the challenges of developing a new product strategy and bringing an idea through each stage of the process to a launched product. It also describes the product life cycle and how marketing strategies must change at different stages as a product is introduced, grows, reaches maturity, and eventually declines.Portfolio
PortfolioDeepak Vanjara
油
The document discusses product life cycles and the Boston Matrix model for analyzing a company's product portfolio. It describes the stages a product goes through in its life cycle from development to withdrawal. The Boston Matrix classifies products into four categories - stars, cash cows, dogs, and problem children - based on their market growth rate and market share. The matrix can help companies determine where to allocate resources by informing decisions about marketing strategies for each type of product.
Product life cycle
Product life cycleFarhana Islam Chowdhury
油
The product life cycle outlines the typical stages a product goes through from introduction to decline. It includes introduction, growth, maturity, and decline. During introduction, sales are low and costs are high to create awareness. Growth sees increasing sales and profits as the product gains acceptance. Maturity is the most profitable stage as sales peak. In decline, sales decrease as the product becomes outdated. Businesses can extend the cycle through advertising, price reductions, new features, exploring new markets, and packaging updates. The model helps marketers strategize but products don't always follow predictable cycles.Product life cycle
Product life cycleFarhana Islam Chowdhury
油
The product life cycle describes the typical stages a product goes through from introduction to decline. It includes introduction, growth, maturity, and decline. During introduction, sales are low and costs are high to create awareness. Growth sees increasing sales and profits as the product gains acceptance. Maturity is the most profitable as sales peak, though competition rises. Finally, decline occurs as sales decrease due to saturation or competition. Businesses can extend the cycle through advertising, price reductions, innovation, exploring new markets, or packaging changes. The model helps marketers strategize but products don't always follow predictable cycles.
Product Life Cycle
Product Life CycleBrijesh Bhardwaj
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The document discusses the product life cycle (PLC) concept in marketing management. It describes the PLC as having four main stages: introduction, growth, maturity, and decline. During each stage, the firm should employ different marketing strategies to build awareness, market share, and profits. Examples are given of products like TVs and discs that demonstrate the different PLC stages. The conclusion emphasizes how understanding and managing products across their lifecycles can improve profitability.Marketing Chapter 13
Marketing Chapter 13WanBK Leo
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This chapter discusses the product life cycle and new product development process. It describes the stages of the product life cycle as introduction, growth, maturity, and decline. It also outlines the 7 stages of new product planning: idea generation, product screening, concept testing, business analysis, product development, test marketing, and commercialization. Finally, it examines strategies for the growth, maturity, and decline stages such as developing new uses or finding new customer segments.Product Life Cycle
- 1. Product Life CycleA theoretical idea of the different phases of a product.
- 2. Stages In Product Life CycleResearch & Product Development.Introduction GrowthMaturityDeclineRejuvenation or Termination.
- 3. Uses of PLC ConceptTo forecast future sales behavior.To be a tool of analysis to assist in formulation of marketing strategy.To identify deviations from projected path.To aid the analysis of the firms product portfolio.To give a clear picture to all stakeholders.
- 4. PLC & Cash Flow-SalesRsIn Million
- 5. Research & Development PhaseOften ComplexAbsorbs Significant ResourceMay not be SuccessfulMay involve a long lead time before sales are achieved
- 6. Introduction In MarketPre-launch PlanningTraining of FFDevelopment of Promotional MixLiterature PrintingGiftingSamples ProvisionIncentive Plan
- 7. Growth PhaseIncrease in distribution outlets( Add 5 more)High promotional spendingImprovement of product: New features , improved styling & new dosage forms.This is the longest & most profitable phase in a PLC.As profits are higher and sales are increasing.Market expands but competitors arrive.
- 9. MaturityAt this stage we will be market leaders in our segment.Which means at least 1.5 Million net profit per month.At the same time we will be introducing new product range in our portfolio to sustain growth and keep company profitable in following years.
- 10. TimelineThe PLC life is 5-10 years. If current set of parameters prevail it is supposed to be ten years. A change in technology & improvement usually reduces PLC life. Minimum will be five years.Maturity will be achieved in two years.
- 11. VisionTo become a major player in Pakistan market with top international brands franchising and later become a state of the art manufacturer.