MARKETING STRATEGY IN LIFE CYCLE PRODUCTS

Abstract

Product Life Cycle is an important concept that provides an understanding of the competitive
dynamics of a product. Product Life Cycle is a graph that illustrated the history of the product
since it was introduced to the market until withdrawn from the market. The Product Life Cycle
(PLC) strategy is based on four stages: The first stage in the product life cycle is the Introduction
Phase which in this stage is low sales, the Second Growth Stage is marked by the rapid rise of the
sales level because the product has been accepted and known to the market, The Third Phase
Maturity of sales is still rising but with declining growth due to many competitors, and the fourth
Stage of Decrease where sales are increasingly moving towards a decline caused by changes in
market tastes. At each stage there are different opportunities and problems in relation to
marketing strategy and how to make a profit. By recognizing the stage at which a product is
located, or to be addressed, the management can formulate and plan the right strategy. In each
stage Product life cycle is required strategy of its own strategy. It requires the special ability of a
manager to be able to create and implement the right marketing mix at the right time.