PRODUCT LIFE CYCLE (PLC) (Compiled by Deep Banerjee‚ Marketingpundit.com) Product Life Cycle (PLC) is based upon the biological life cycle. For example‚ a seed is planted (introduction); it begins to sprout (growth); it shoots out leaves and puts down roots as it becomes an adult (maturity); after a long period as an adult the plant begins to shrink and die out (decline). The conditions under which a product is sold will also change over time. The Product Life Cycle refers to the succession of stages
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The Life Cycle of Products In Their Many Various Stages By: September 9‚ 2013 Eaglegate College In today’s market place‚ segmentation is a crucial strategy for nearly all successful companies around the world. A good example is Canon Corporation who makes a line of compact digital cameras. Now Canon sales for digital cameras have rapidly increased every year since they first introduce this line of camera. Canon’s whose continued growth must be attributed
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PRODUCT LIFE CYCLE CONCEPT OF PRODUCTS LIFECYCLE (ELEMENTARY KNOWLEDGE) Product Life Cycle Definition by Philip Kotler: "An attempt to recognise distinct stages in the sales history of the product " PLC concept implies: Products have a limited life. Product sales pass through distinct stages with each stage posing Challenges/Opportunities/ Problems. Profits rise/fall during different stages of product life cycle. Products require different marketing/manufacturing./ finance/ purchase/ HR
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MARKETING THROUGH THE PRODUCT LIFE CYCLE A company’s positioning and differentiation strategy must change as the product‚ market and competitors change over time. Due to this‚ a product is assumed to follow the concept of the product life cycle (PLC). Kotler (2000) say that a product has a life cycle is to assert four things: Products have a limited life; product sales pass through distinct stages with different challenges‚ opportunities‚ and problems for the seller; profits rise and fall at different
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Product Life Cycle Introduction: This paper aims at analysing the usefulness of the Product Life Cycle (PLC) concept to the marketers. It will describe the different stages of the PLC concept and their respective implications on the marketing mix and the strategies which can be adopted during the different phases. Every new product right from its entrance in the market till its elimination from the market goes through a certain sequence of stages known as Product Life Cycle. There are four stages
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A product life cycle is comprised if the combined demand over an extended period of time for all brands including a product category. A product life cycle is composed of four different stages each with its own properties and characteristics. The four stages that compose the cycle are introduction‚ growth‚ maturity and decline. In the introduction stage‚ also known as the pioneer stage‚ a product is first launched into the market in a full-scale marketing programme. The marketing programme’s main
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Product Life Cycle Concept (PLC) All Products and Services typically go through 4 distinct stages in their life cycle; Introduction‚ Growth‚ Maturity and Decline. (Kuznets.S 1929) It is important that a company understands the different PLC stages and know where their product stands. They can then develop different strategies to extend their product life and fully exploit market opportunities for their products in each respective stage. (Agrarwal R 1997‚ 571-584) But how does a company recognize
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Every new product right from its entrance in the market until its elimination from the market goes through a certain sequence of stages known as Product Life Cycle. It is a sequential stage and its length varies from one product to the next. the main stages of the product life cycle are: development‚ introduction‚ growth‚ maturity and decline stage. 1. Development Stage It is the first stage of product life cycle. It is an important stage that is almost ignored by the traditional financial
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behaviour -Advertisement 4. Definition of product life cycle 5. Stagers of product life cycle How marketing manager used it as a planning tool 7. Conclusion Introduction This report is presented by one of the marketing experts highlighting all the arears covered in the presentation. We where presenting mostly on the benefit of marketing‚ the disadvantages and the advantages‚ product life cycle‚ evaluating on the stages and how it can be used
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Product life-cycle management (or PLCM) is the succession of strategies used by business management as a product goes through its life-cycle. The conditions in which a product is sold (advertising‚ saturation) changes over time and must be managed as it moves through its succession of stages. Product life-cycle (PLC) Like human beings‚ products also have a life-cycle. From birth to death‚ human beings pass through various stages e.g. birth‚ growth‚ maturity‚ decline and death. A similar life-cycle
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