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The Product Life Cycle (PLC) is a marketing framework outlining the stages a product undergoes, from introduction to decline. It begins with market entry, progresses through growth and maturity, and ends with the product's decline. Understanding the PLC is crucial for businesses to strategize on advertising, pricing, and product development to maximize profitability.
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The initial stage of a product's life cycle, characterized by low sales and high marketing investment
Creating Market Awareness
The primary objective of the introduction stage is to make consumers aware of the product's existence
Attracting Early Adopters
Another goal of the introduction stage is to attract early adopters who are willing to try new products
Pricing, advertising, and product development strategies are crucial in the introduction stage to establish the product's market positioning
The stage where a product experiences an increase in sales and gains market acceptance
Positive Reviews and Word-of-Mouth
The growth stage is often propelled by positive reviews and word-of-mouth from early adopters
New Competitors
As a product gains market acceptance, it may attract new competitors, leading to a wider range of options for consumers
Companies must balance increasing market share and achieving profitability by enhancing the product, expanding distribution channels, and intensifying marketing efforts
The stage where sales growth starts to slow down, and the market becomes saturated
Intense Competition and Price Wars
Companies face challenges in defending their market share against intense competition and price wars
Changing Consumer Trends
Adapting to changing consumer trends is crucial in maintaining a product's position during the maturity stage
Companies may modify product features, improve quality, or implement promotional campaigns to differentiate from competitors and sustain market share
The stage where a product experiences a consistent decrease in sales and profits
New Technologies
The decline stage may be caused by the emergence of new technologies that make the product obsolete
Changing Consumer Preferences
As consumer preferences change, a product may lose its market relevance and enter the decline stage
Companies must decide whether to discontinue the product, reduce its variants, or rejuvenate it through innovation to rekindle growth
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Stages of PLC
Introduction, Growth, Maturity, Decline.
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PLC Stage: Introduction
Product launch, low sales, high costs, limited competition.
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PLC Stage: Maturity
Peak sales, market saturation, price competition, focus on differentiation.
