Product Life Cycle (PLC) is an important part of marketing which explains different stages of Product life such as Introduction, Growth, Maturity and Decline. PLC has some exceptions and hence we can explain it with various styles.

    Different stages and strategies at each level are given as below – 

     IntroductionGrowthMaturityDecline
    CustomersInnovatorsEarly Adoptors  
    SalesLow SalesRapidly Rising SalesPeakDeclining Sales
    CostsHigh Cost per CustomerAverage cost per CustomerLow Cost per CustomerLow Cost per Customer
    ProfitsNegativeRising profitsHighDeclining
    Marketing ObjectivesCreate PRoduct Awareness and TrialMaximize Market ShareMaximize Profits while defending market shareReduce Expenditure and milk the brand
    ProductOffer a basic productOffer Product Modification, Extension, Service, WarantyDiversify brand and modelsPhase out weak items
    PriceCost PlusCompetitive Price to Penetrate MarketPrice to match or best competitorsCut Price
    DistributionSelective Distribution and Heavy promotionLarge Distribution NetworkBuild more intensive distributionGo selective, phase out unprofitable outlets
    AdvertisingBuild product awareness among early adaptors and dealersBuild awareness and interest in the mass market and reduce sales promotionStress brand differenceReduce to level needed to retain hard core loyal customers.

    References:

    Marketing Managemnet, Philip Kotler

    Basics of Marketing , Philip Kotler, Armstrong