Product life cycle marketing strategies ppt. Product Life Cycle (PLC) Strategies 2022-12-07

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The product life cycle is a marketing concept that describes the stages a product goes through from its development to its eventual withdrawal from the market. Understanding the product life cycle is important for businesses because it helps them develop marketing strategies that are appropriate for each stage of the cycle. In this essay, we will explore the different stages of the product life cycle and discuss some marketing strategies that can be used at each stage.

The first stage of the product life cycle is the development stage. During this stage, the product is being designed and developed, and there is typically little or no marketing activity. However, it is important for businesses to start thinking about marketing strategies during this stage because they can influence the final product design. For example, if a company knows that a particular feature will be important to its target market, it may choose to focus on that feature during the development stage.

The second stage of the product life cycle is the introduction stage. During this stage, the product is launched and becomes available to consumers. Marketing activities during this stage typically focus on introducing the product to the market and creating awareness of its existence. This might involve advertising, public relations, and sales promotions. The goal of marketing during the introduction stage is to generate interest in the product and encourage people to try it.

The third stage of the product life cycle is the growth stage. During this stage, demand for the product increases as more and more people become aware of it and start using it. Marketing efforts during this stage typically focus on building brand awareness and reinforcing the value of the product to consumers. This might involve advertising, social media campaigns, and partnerships with influencers or other brands.

The fourth stage of the product life cycle is the maturity stage. During this stage, demand for the product starts to level off as it becomes more widely available and competition increases. Marketing efforts during this stage typically focus on maintaining and reinforcing the value of the product to existing customers, as well as finding new ways to appeal to potential customers. This might involve price promotions, new product features, or partnerships with complementary brands.

The final stage of the product life cycle is the decline stage. During this stage, demand for the product starts to decrease as it becomes outdated or is replaced by newer products. Marketing efforts during this stage typically focus on maintaining sales and profits for as long as possible, while also preparing for the eventual withdrawal of the product from the market. This might involve price promotions, marketing to niche markets, or finding new uses for the product.

In conclusion, the product life cycle is a useful concept for businesses because it helps them understand the different stages that a product goes through and develop marketing strategies that are appropriate for each stage. By understanding the product life cycle, businesses can better anticipate changes in demand and make informed decisions about how to market their products.

Product Life Cycle (PLC) Strategies

product life cycle marketing strategies ppt

First Stage: Introduction During this stage the company would typically have high promotion activity planned, which focuses on informing about the product just launched. The Product Life Cycle is a five-stage concept proposed by Levitt. The addition of a replacement option, which allows users to share information that vanishes after 24 hours, changed the game for the social media firm. He must be able to supply adequate information to the responsible person or group. Organizations need to determine the Product life cycle to set performance goals, such as sales and, growth targets, profit and make allocation of resources decision, such as strategic and human resource planning. During the product saturation stage, competitors have begun to take a portion of the market and products will also start to know how the product is stuck in its phase. It is a framework—thanks to believing your product over time and plan for its future.

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Product Life Cycle (PLC) Marketing Strategies: A Definitive Guide

product life cycle marketing strategies ppt

This makes the marketer capable to maintain the position in the market and adjust easily. And, the new competitors are attracted as seeing the increasing market. Each stage of the product life cycle should be properly monitored because it is fluid and flexible. However, if the market demand is for low-priced products, as such the quality and price of the product will be reduced. The idea itself led to a rise in sales by quite 2%.

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Growth stage product life cycle marketing strategies ppt powerpoint presentation pictures cpb

product life cycle marketing strategies ppt

If a product has progressed through the Introduction and Growth stages, it will most certainly spend a significant amount of time in the Maturity stage. Moreover, one should give a high emphasis on product positioning. The concept of Product Life Cycle is a powerful instrument giving companies competitive edge in planning both for marketing mix and product strategy. The employment of external promotional contractors is a smart practice. Answers: a Canon digital cameras - growth stage b Panasonic high-definition television-introductory stage c Handheld manual can openers - decline stage.

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Product Life Cycle Marketing Strategies PPT Slide With Icons

product life cycle marketing strategies ppt

There would be more sales promotion during this stage and discount prices would be one approach to liquidate stocks. Over some time, it did not provide or launched a variety of models due to its less demand and sale. This PowerPoint slide showcases four stages. After years of development and concept testing, for instance, Tide invented the Tide Pod, which radically transformed the laundry process. Nokia was introduced during the year 1865 by Fredrik Ides tam and it is a Finland based multinational company.

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How Marketing Mix Strategies can Change through the Product’s Lifecycle

product life cycle marketing strategies ppt

As every stage of the product life cycle is unique, the marketer needs to adopt different marketing strategies for different stages. The Product life cycle acknowledges that most Products have a finite market life, whether it is brief, as in the case of fashion items, or long, as in the case of some types of industrial equipment. Modifying market, consumption of productModifying the product, mutable characteristicsModifying marketing mix, sales, elements 5. Thus, while adopting a product abandonment strategy, the marketer needs to make several significant decisions. Promotion and advertising shifts away from attracting new consumers and toward product differentiation in terms of quality and dependability. During this stage, sales go up and so does production cost, as more products are being produced to meet customer demand. The process in which the company continuously supports and maintains a product in the market by advertising, reducing prices, and expanding new markets and sales is called the life cycle Marketing.

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Product Life Cycle and Its Strategies

product life cycle marketing strategies ppt

Take, for instance, Instagram Stories. Pricing and discount policies are frequently altered in response to competition policies, i. Here, sales, customers, and most of the firms quit the market. Most commonly, the production modification can be done in four ways — by applying functional changes, quality changes, style changes, and socio-ecological changes. A marketer or 1-Functional Changes: Functional change means making some changes in the product to make it work better — it may be adding new needs, adding additional utilities. However, this only happens after a very long period. The globalized world is best suited now than ever before for expansion into new markets — that is if you will make sure the right distribution channels.

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product life cycle marketing strategies ppt

Maturity Stage-Maximize profits while defending market share 4. The marketer can adopt the following marketing strategies in the introduction stage of the product life cycle. It means less emphasis on profit and more emphasis on customer satisfaction. Fourth Stage: Decline Profits are starting to reduce during this stage. It is felt neither growth nor decline.


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product life cycle marketing strategies ppt

Most companies would try to increase their market share during this stage. However, removing the product is a very difficult job, expensive, and even a highly risky strategy. The product launch phase of a project comprises the criteria for having the product launched in such a way that it has the most impact at the point of sale. It is useful to share insightful information on Growth Stage Product Life Cycle Marketing Strategies This PPT slide can be easily accessed in standard screen and widescreen aspect ratios. The product distribution would then move to a more intensive approach as a way of handling aging products. This, on the other hand, requires a thorough understanding of the market and whether a consumer is prepared to spend for a freshly presented product.

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product life cycle marketing strategies ppt

Packaging can make the changes between a product being considered basic and cheap, or luxurious and chic. Later, the price policy should be more aggressive for the product to compete. Following the Growth stage, which saw a rapid surge in sales and client growth, company market share will gradually begin to stabilize during the Maturity period. Growth Stage-Maximize market share 3. A typical product life cycle PLC undergoes FOUR distinct stages. During product development, the product generally goes through various revisions that cost a lot of money and time before being introduced to target customers via test markets. Maximize profit-warranty, features, accessoriesCreate product awareness, sales promotionReduce expenditure, cut price, close product lineSection C.

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product life cycle marketing strategies ppt

Nokia started by producing cables, pulp and rubber which many of us did not know. As more competitors enter the market, the price would be affected; assessing your price might therefore be necessary. No marketer can accurately forecast when a particular stage appears, how long the stage will last, and what levels sales will reach. Change in quality may lead to enhanced performance of the product. The Introduction Stage The introduction stage is where the new product is introduced to the market. Introduction Stage-Create product awareness and trial 2. Four main phases of the product life cycle can be identified: the development of the product with the consequent introduction on the market, its growth, its maturity and its decline.

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