What is the meaning of product life cycle in marketing?
Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. … In this stage, there’s heavy marketing activity, product promotion and the product is put into limited outlets in a few channels for distribution.
What is the product life cycle in marketing with examples?
The product life cycle is the process a product goes through from when it is first introduced into the market until it declines or is removed from the market. The life cycle has four stages – introduction, growth, maturity and decline.
What are the 5 stages of the product life cycle?
The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.
Why is product life cycle important in marketing?
The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.
What is product life cycle with diagram?
ADVERTISEMENTS: Every product moves through a life cycle having five stages: introduction, growth, maturity, saturation, and decline (some authors include saturation into maturity). The life cycle gives the sales revenue and profit margin history of a product over a time frame.
What are the 4 phases of the product life cycle?
As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.
- Introduction. The introduction phase is the period where a new product is first introduced into the market. …
- Growth. …
- Maturity. …
What is brand life cycle?
October 2005. 2-1 Brand Life Cycle and Strategy. Generally speaking, every brand or product has its life cycle which spans from the time it is launched to the time it exits from the market. This cycle covers five stages, namely product development, introduction, growth, maturity and decline.
What is introduction in product life cycle?
Description: The introduction stage is the first stage in the product life cycle where a company tries to build awareness about the product or service in a market where there is less or no competition.
What is an example of a life cycle?
An example of life cycle is a caterpillar turning into a butterfly. … The life cycles of plants, algae, and many protists often involve an alternation between a generation of organisms that reproduces sexually and another that reproduces asexually.
What are product life cycle stages?
The product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline.
What are the types of product life cycle?
There are five distinct product life cycle stages:
- Product Development. When the company finds and develops a new product idea, product development starts. …
- Introduction. Sales slowly grow as the product is introduced in the market. …
- Growth. …
- Maturity. …
What is maturity in product life cycle?
Maturity Stage: The maturity stage of the product life cycle shows that sales will eventually peak and then slow down. During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms.
What happens if PLC is not monitored?
The implications of not monitoring the product life cycle include; Failure to deploy an effective marketing strategy. Lack of a well coordinated marketing mix. Failure to achieve maximum sales at each stage of the product life cycle.
What are the 7 stages in the new product development process?
Are these the ideal seven stages of new product development?
- Feasibility study and design planning. …
- Design and development. …
- Testing & verification. …
- Validation & collateral production. …
- Manufacture/launch. …