It’s simple and basic. It sometimes helps to remember the four stages relative to your given product or service. The PLC, or Product Life Cycle, has been around for years. It’s not carved in stone, but it may help you predict what to do when your product lives in a given stage. From a marketing perspective, some products live longer than others. Washing machines, for example, have been in the maturity stage for 20 years. I doubt they will decline until a viable alternative surfaces. However PCs and smartphones have life cycles in the 6 to 12 month range.
Two variables: time and sales. Make them work together in harmony. Below are the four stages:
Ask yourself the following five questions regarding your product or service:
1. For each product or service you offer, do you know which stage of the product life cycle they fit?
2. Are there any changes you can make to mature and declining products that may allow new life?
3. For mature products or services, are there new markets or segments open for expansion (geography, demographics, and so forth)?
4. Plug in product life cycle awareness to new or future products you may be planning to release.
5. Are there price changes needed for your products or services based on their current PLC stage?
Your product, price, place, and promotional strategies also apply differently, depending on how young or how mature your product is. Don’t just manage a product, but plan it’s life. Like an investment, it may need some thoughtful guidance.
Your thoughts?
Leave a Reply