Characteristics Of Product Life Cycle

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Product Life Cycle (PLC) Introduction:- A new product goes through a set of different stages said to be product life cycle. The product life cycle proceeds through multiple phases, involves many professional disciplines, and requires many skills, tools and processes. By explaining the product life cycle stages, we clearly define the phase, each with its own characteristics that will have different impact on each reader depending on their particular situation. About:- Product life cycle have four stages: a) Introduction stage b) Growth stage c) Maturity stage d) Decline stage 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…show more content…
At declining stage, marketing mix decisions depend on company’s strategy. At this point, the market has often reached saturation as a result of competitors releasing their own version of your product. Your product or service may experience a decreasing rate of sales, which should eventually stabilise. For example, if a company want to harvest, the product will remain same and price will be reduced. In case of liquidation, supply will be reduced dramatically. Limitations of Product Life Cycle (PLC) Product life cycle is criticized that it has no empirical support and it is not fruitful in special cases. Different products have different properties so their life cycle also varies. It shows that product life cycle is not the best tool to predict the sales. Sometimes managerial decisions affect the life of products in this case Product Life Cycle is not playing any role. Product life cycle is very fruitful for larger firms and corporations, but it is not hundred percent accurate tools to predict the life cycle and sales of products in all the situations. SIGNIFICANCE OF PRODUCT LIFE-CYCLE The product life cycle is an integral process in management of any product and revolves around the introduction, growth, maturity and decline stages. For emerging businesses, the cycle concept is an ideal tool that enables marketers to forecast future sales and plan new marketing strategies. The marketer’s marketing objectives depend

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