What are the Product Life Cycle Stages?

It’s a valuable tool to help you in defining

different stages in product development

What are the Product Life Cycle (PLC) Stages used for?

It helps to predict the profit levels and tailoring marketing programs according to the demand, your product development stage, current profits and level of investments and your changing customers’ needs.

The Product Life Cycle (PLC) is one of the Products Portfolio Analysis and Planning Tools.

What are the Product Life Cycle Stages?

There are four different stages of any product from its development stage (prototype) till the product withdrawn from the market and no further demand on it.

The P.L.C. means Product Life Cycle; which is helping you to understand that each product is passing with four developmental stages from the time of launch till the product die; those four stages are:

1.    

Introduction Stage

(What are the Product Life Cycle Stages?):

In this stage, your product is starting in the market. In this stage your sales grow slowly at a cost.

2.

Growth Stage (What are the Product Life Cycle Stages?):

This stage is the best stage that all of the companies, organizations and individuals are dreaming of their products to be in this stage. In this stage your sales are growing very well but your profits level is still small.

3.

Maturity Stage

(What are the Product Life Cycle Stages?):

In this stage organizations and individuals starting to search for new opportunities to increase their sales, as this stage is a well established competition between your product and competitors products. In this stage you get stable market share.

4.

Decline Stage

(What are the Product Life Cycle Stages?):

In this stage you start to lose your market share again, your customers are starting to shift to another competitor, and your loyal customers became not satisfied as before. In this stage, if you didn’t manage your product well, then you can expect that your product will eventually die.

Related Articles to Product Life Cycle (PLC):  

• Why product life cycle is important?

• What is a product life cycle management?

• Product life cycle examples (examples of short and long product life Cycles)

• How to extend the product life cycle in 5 steps? 

Related Articles to Product Portfolio Analysis and Planning Tools:

1.      B.C.G. Matrix:

• What is a BCG Matrix Model (Boston Consultancy Group Matrix) Model?
• How to Make a BCG Matrix Model (Boston Consultancy Group Matrix) Model?
• BCG Matrix (Boston Consultancy Group Matrix) Examples (Case Study no.1).
• BCG Matrix (Boston Consultancy Group Matrix) Examples (Case Study no.2).
• BCG Matrix (Boston Consultancy Group Matrix) template free (PDF, PowerPoint, and Word formats).

2.      G.E. Matrix:

• What is a GE Matrix (General Electric Matrix) Analysis Diagram? (Diagram, Definitions, how many factors should be involved?)
• What are the factors affecting Market Attractiveness in G.E. Matrix (General Electric Matrix) Analysis Diagram?
• What are the factors affecting Company Business Strengths or Position in G.E. Matrix (General Electric Matrix) Analysis Diagram?
• How to calculate the market attractiveness in G.E. Matrix (General Electric Matrix) Analysis Diagram?
• How to calculate Company Business Strengths for your company and competitors companies in G.E. Matrix (General Electric Matrix) analysis Diagram?
• What is the recommended strategy to manage products/services in the G.E. Matrix (General Electric Matrix) Analysis Diagram?
• GE Matrix (General Electric Matrix) example (Case Study)
• GE Matrix (General Electric Matrix) template Free (PowerPoint, Word, PDF).

Related Articles to Product Mix:

1. What is a product strategy?

2. What is a product in marketing terms?

3. What is a product portfolio in marketing?

4. What is a product portfolio analysis?

5. What are elements of product marketing?

6. What are product characteristics in marketing mix?

7. How to make a Product portfolio management?

8.New Product Development:

• Stages of new product development process in 7 steps.
• What are new product development process types?
• What is the use of a new product development process steps ?

9.Product Adoption Process:

• What is a New Product Adoption Process?
• Consumer Behavior in a New Product Adoption Process.
• How to make a new product adoption with your customers?

Related articles to marketing mix (marketing tactics or 7 P’s):

1. What is a marketing mix strategy in 7 steps?

2. What is Marketing Mix Strategy from Organizations and Customers’ Perspectives?

3. Promotion (Marketing Communications):

3.1. How to improve marketing communications in 3 approaches?

3.2. How to get a marketing communications job?

3.3. What is integrated marketing communications?

3.4. What is an integrated marketing communications plan?

3.5. How to make an integrated marketing communications plan in 7 steps?

3.6. Integrated marketing communications templates (Word, PowerPoint and PDF).

3.7. How to make customers profiling?

3.8. How to use Pull-Push Strategy in Marketing Communications Plan?

3.9. What is a marketing communications objectives framework?

3.10. What are integrated marketing communications objectives?

3.11. Branding:

• What is a brand manager job in marketing career?
• What is a Brand in Marketing terms?
• What is a branding in marketing terms?
• How to develop a branding strategy?
• How to create a brand identity?
• What are Brand Perspectives?
• How to create Brand Loyalty?
• How to build Brand Value?
• How to build Brand equity?

3.12. Integrated Marketing Communications Mix:

• What is a marketing communication model?
• What is a Coordinated Marketing Communications (CMC)?
• What is advertising in marketing, advertising age, techniques and strategies?
• How to manage integrated marketing communications mix in different stages of Product Life Cycle?
• Creative Sales Promotions Ideas and Techniques in marketing communications mix
• What are trade promotions management strategies and techniques?
• How to gain customers loyalty and improve customers’ retention?
• What are Public Relations strategies and tactics in marketing communications?
• What are Creative Direct and Interactive Marketing Strategies in Integrated Marketing Communications Mix?
• What is Database Marketing about?
• What is a sponsorship about in marketing communications?
• What is a Personal Selling about in integrated marketing communications mix?

4. Price:

4.1. What is a pricing about in marketing mix (7P's)?

4.2. Customers Price Perceptions about Different Pricing Strategies (part 1 and 2).

4.3. What are factors affecting your pricing Strategies?

4.4. What Is Customers’ Value Proposition?

4.5. What is Employees’ Value Proposition (EVP)?

4.6. What is a Price Elasticity and Inelasticity of Demand?

4.7. Price Determinants:

• What Are Price Determinants; what are the factors affecting Price Determination of your products or services?
• Price Sensitivity as Price Determinant
• Competitors as Price Determinant; Price Cuts and Price Wars (Part 1 and Part 2)
• Product Life Cycle (P.L.C.) as Price Determinant
• Debtors and Creditors as Price Determinant
• The Beak-even Analysis As Price Determinant
• Marginal Costing as Price Determinant.

4.8. What Are Pricing Objectives?

4.9. What are pricing Strategies in Marketing Mix?

4.10. What is Strategic Pricing Strategies in Marketing Mix?

4.11. What is Tactical Pricing Strategies in marketing mix?

4.12. What Are Stages of Developing New Price?