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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 – 

  Introduction Growth Maturity Decline
Customers Innovators Early Adoptors    
Sales Low Sales Rapidly Rising Sales Peak Declining Sales
Costs High Cost per Customer Average cost per Customer Low Cost per Customer Low Cost per Customer
Profits Negative Rising profits High Declining
Marketing Objectives Create PRoduct Awareness and Trial Maximize Market Share Maximize Profits while defending market share Reduce Expenditure and milk the brand
Product Offer a basic product Offer Product Modification, Extension, Service, Waranty Diversify brand and models Phase out weak items
Price Cost Plus Competitive Price to Penetrate Market Price to match or best competitors Cut Price
Distribution Selective Distribution and Heavy promotion Large Distribution Network Build more intensive distribution Go selective, phase out unprofitable outlets
Advertising Build product awareness among early adaptors and dealers Build awareness and interest in the mass market and reduce sales promotion Stress brand difference Reduce to level needed to retain hard core loyal customers.

References:

Marketing Managemnet, Philip Kotler

Basics of Marketing , Philip Kotler, Armstrong

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