The product life cycle (PLC) is a fundamental concept of marketing. It’s used to describe the stages a product goes through from its launch, to when it’s discontinued, as it moves through each stage it generates profit for the company that manufactures the product. The main factors that are associated with this process are advertising, pricing and volume of sales. So, without further ado and in no particular order let’s look at each phase…….
In a postmodern era where products are predominantly virtual and intangible, this important concept of marketing has become even more relevant. It is no longer about making or selling products. Marketing has evolved to involve a partnership between companies and customers to get matched on mutual benefits, Product life cycle stages, 5 stages of product life cycle examples, product life cycle and objectives.
What is the product life cycle in marketing with examples
The product life cycle is a series of phases that products go through in their development and maturity. The purpose of the product life cycle is to help marketers understand how products evolve over time so they can make appropriate marketing decisions and plan for changes in demand.
Product Life Cycle Stages
The product life cycle has five stages: introduction, growth, maturity, decline and death. It’s important to note that not all products or services will follow this path; however, most do.
Innovation Adoption Saturation Decline Death
Introduction Stage
The introduction stage is where you first introduce your product into the market. This may be done through advertising or marketing efforts to build awareness about your new offering and encourage people to try it out.
In this stage you’ll want to ensure that your product has the right features and benefits (USP), pricing strategy and distribution channels to get it off the ground. If someone doesn’t know about your product yet, then they won’t buy it!
Growth Stage
When your company has established a foothold in the market, you’ll want to continue growing sales by expanding distribution channels and adding new features to improve usability or performance of your product. This will require more marketing dollars as
The product life cycle is a marketing concept that describes the stages a product goes through from when it was first created until it finally becomes obsolete and replaced with a new version.
The product life cycle is a graph with five stages: introduction, growth, maturity, saturation and decline. Each stage represents different market conditions for your product, which impacts your marketing strategy.
Introduction: The introduction stage begins when the product is first introduced to the market. At this stage, there are few competitors because few people know about the product or its benefits compared to later in the life cycle when everyone knows about it. You can leverage this time to build awareness of your new product and differentiate yourself from competitors.
Growth: The growth phase is characterized by increased sales and profits as more customers adopt your product than in earlier phases of its lifecycle. As competition increases and prices fall due to increased supply (more vendors selling similar products), profits decrease and you may need to lower prices or find other ways to differentiate yourself from competitors.
Maturity: In maturity, sales begin to level off because most potential customers have already bought your product or service and there are few prospects left for further sales growth
The product life cycle is a term used in marketing to describe the stages that a product goes through from introduction to growth, maturity, and decline. There are five different stages in the product life cycle:
Product Introduction Stage
This is where you release your new product on the market. It’s important that you have all the necessary resources at hand to launch your product successfully. You have to have a good marketing strategy and all the necessary resources to ensure that you can market your product well. At this stage, you will be spending a lot of money on marketing as well as other things related to getting your business started such as legal fees and so on. You will also be trying to get as many customers as possible by giving out samples or giving away free coupons which may not be profitable at this stage but will help increase sales later on when the customer has become familiar with your brand and wants more products from you!
Product life cycle stages
Product life cycle is the stages involved in the life of a product. It’s the journey of a product from conception to final disposal. These stages are:
1. Introduction stage
2. Growth stage
3. Maturity stage
4. Saturation stage
5. Decline stage
The product life cycle is an important concept in marketing. It helps companies understand how their products will perform over time. The product life cycle has four main stages: introduction, growth, maturity and decline.
In the introduction stage, a company introduces a product into the market and advertises it heavily to create awareness among customers. In this stage, most of the sales come from word of mouth advertising and publicity generated by journalists and bloggers who write about the new product.
In the growth stage, sales continue to increase because more people become aware of the product through advertising campaigns and word of mouth marketing. In this stage, companies typically lower prices in order to attract more customers while continuing to advertise heavily in order to make sure that as many people as possible know about the product’s existence.
In the maturity stage, sales begin to level off as more people have heard about the product than there are potential buyers for it at any given time. Companies often try to increase sales by expanding distribution networks or introducing complementary items such as accessories or service contracts for their products.
In the decline stage, sales drop off because customers have already bought all of their desired products or because competitors’ products provide better value for money than those from your business (or both).
The product life cycle is the process that a product goes through from when it was first thought of, to when it finally dies out.
The first stage in the product life cycle is called introduction. This is when you first start marketing your new product to the public. The next stage is growth, where sales start increasing rapidly as more people buy your product. The third stage is maturity, where sales start slowing down because there is less demand for your product. Finally, the last stage of the product life cycle is decline where sales are very low and you stop producing your product because there aren’t any profits left to make from it anymore (Bates & Goodall, 2009).
Product Life Cycle Examples
One example of a product that has gone through each stage of its life cycle is Coca-Cola. The first time Coca-Cola was invented was in 1886 by Dr John Pemberton in Atlanta, Georgia (Coca Cola). In 1913, Coca-Cola became available for sale outside of Georgia for the first time and by 1940 there were over 2 million cases sold every year (Coca Cola). By 1960 there were over 100 million glasses consumed each day worldwide!