Marketing Strategies product life cycle : The PLC concept can be used to describe how products and markets operate. Still there are some limitations in using PLC concept for the purpose of forecasting product performance and developing marketing strategies. For example, marketers may have trouble in identifying which stage of the PLC the product is in, pinpointing when the product moves into the next stage, and determining the factors that affect he product’s movement through the stages. It is also difficult to forecast the sales level at each PLC stage, the length of each stage, and the shape of the PLC curve.
Developing marketing strategies on the basis of PLC concept can also be difficult because strategy is both a cause and a result of the product’s life cycle. The product’s current PLC position suggests the most appropriate marketing strategies and these strategies may influence product performance in later life-cycle stages. Nevertheless, the PLC concept, if applied carefully, can help in developing good marketing strategies for different stages of the product life cycle. We can now consider the strategies that marketers may adopt for different stages of product life cycle.
Product Life-Cycle
Every product launched in the market will have a life, the span of which cannot be known earlier. However, companies want their products to enjoy long lives and expect lucrative profits out of their sales. Companies recognize that each product will have a life cycle, although its exact shape and length cannot be anticipated. A product life cycle (PLC) is the course that a product’s sales and profits take over its lifetime. Read More..
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