Marketing mix and product life cycle pdf

Product life cycle plc marketing management video lecture by prof. The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market. These are based on the characteristics of each plc stage. Characteristics of the product life cycle stages and. Marketing mix tailored to the introduction stage of the product using. A product is introduced to the market during the introduction stage. Department of agricultural economics, faculty of agriculture, ferdowsi. Pdf product strategies of companies in the fmcg industry. The most complete project management glossary for professional project managers. Descriptive model for the life of products in general. The product life cycle is the concept that a product goes through several stages in the course of its life. At the introduction stage, the product is not popular and cant really make a lot of profit.

See discussions, stats, and author profiles for this publication at. The product life cycle consist of four stages starting from introduction stage, growth stage, maturity stage and decline stage. The product life cycle contains five distinct stages. Characteristics of the product life cycle stages and marketing implications. Product life cycle strategies plc and characteristics managing each plc stage. In marketing strategy, market development and position of product in the life cycle should be considered. A companys positioning and differentiation strategy must change as the product, market and competitors change over the product life cycleplc. This is the last optional strategy for the maturity stage. In the introduction stage, the firm seeks to build product awareness and develop a market for the product. Pdf marketing mix of product life cycle mmplc and business. All products or services move through product lifecycles.

Its marketing cost may be high in order to test a market and set up a distribution channel. Product life cycle consist of 5 important stages viz. Introduction, growth, maturity, saturation and decline. These actions are included in the formulation of the marketing strategy. The plc describes the four key stages that a product is likely to experience between its launch and its disappearance from the market. This is accomplished during product development by the use of market research. The characteristics of the product life cycle stages are discussed below.

Since product strategies are an essential part of companies marketing. For the four stages introduction, growth, maturity and decline, we can identify specific product life cycle strategies. Food products, marketing mix, prioritizing, product life cycle. Products require different marketing, financial, manufacturing, purchasing, and human resources strategies in each life cycle stages. Typically these lifecycles move through four stages. Product life cycle and marketing management strategies. Pdf prioritization of expanded marketing mix in different stages of. Product life cycle and marketing management strategies ijert. Understanding the product life cycle can help business owners and marketing managers plan a marketing mix to address each stage fully. Normally any strategic process has three distinct stages which are analy. Despite the criticism of the product life cycle model during the mid 70s, by a number of authors, the model continues to be a valuable tool for marketers. Most products that have been on the market for a long time are in this stage.