Product life cycle product life cycle is the course of a product s sales and profits over time. The product is promoted to create awareness and develop a market for the product. Product life cycle product life cycle is a normative and descriptive model for the life of products in general the plcs importance to marketing decision makers is to help identify appropriate strategies. Factors affecting the product life cycle rate of technological change. Pricing is such an important aspect of marketing that it merits its own chapter. The product life cycle powerpoint diagram is a model created to represent the phases of a product from its ideation to decline. Plc diagram is a great way to get a clear picture of the stages the product is going through when it should be removed from the market and figure out next steps. It is not possible to predict a plc 100% accurately, but management can make assumptions and informed guesses.
Lifecycle strategies learning goals know the stages of the product life cycle realize how marketing strategies change during the products life cycle product lifecycle strategies the product life cycle plc has five stages product development, introduction, growth, maturity, decline not all products follow this cycle. Strategies for the different stages of the product life cycle introduction. As introduced in a previous chapter, one of the four ps in the marketing mix is price. It describes the stages a product goes through from when it was first thought of until it.
Every stage poses different opportunities and challenges to the marketer. The product life cycle plc is a series of phases that a product will go through in its lifetime in relation to the profits and sales that it will collect. Newproduct development and product lifecycle strategies by mr. Newproduct development and product lifecycle strategies ppt. Newproduct development and product lifecycle strategies principles of marketing learning objectives. Product life cycle and marketing management strategies. This order is known as the product life cycle and is related with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. The product life cycle is an important concept in marketing. There is a decrease in demand and sales of the product. Product life cycle stages managing the product life cycle.
The impact on the marketing mix and strategy is as follows. Product lifecycle management plm is the succession of strategies by business management as a product goes through its lifecycle. It is important to see the marketing process in the context of the complete product life cycle, from basic research to genericization at the end of the product patent. Product life cycle principles of marketing deprecated. Its duration maybe as short as a few months or years, depending on the product. Product life cycle powerpoint template is a professional diagram created or business consultants and marketing professional to display the various stages of product development and growth. This generally requires important changes in marketing strategies and methods.
The product life cycle graph will show the function of the each stage with. Fads styles fashions product lifecycle strategies the product life. Product lifecycle analysis is an invaluable tool for developing a robust product marketing strategy. The four stages are shown in the table below, although decline can be avoided by reinventing elements of the product. Marketers and strategists can use this analysis to predict sales growth, associated customer and competitor behaviors, and, in turn, devise the appropriate product marketing strategy. Impact of the product life cycle on marketing strategy. The paper further takes a look at various concepts of scholars on marketing management strategies. Marketing strategies during plc every marketeer tries that his product should stay in the market for the. Product passes through four stages of its life cycle. Let your presentation be the most successful event ever. Implications of each stage net cash flow profit marketing strategy. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Product life cycle strategies authorstream presentation.
Product life cycle to introduce a new product, two methods may be used. It is a strategy tool that helps companies plan for new product development and refine existing products. Products require different marketing, financial, manufacturing, purchasing, and human resource strategies in each life cycle stages. Product life cycle powerpoint template and keynote diagram. Free product life cycle curve slide for powerpoint. It provide a useful framework for developing effective marketing strategies in different stages of the product life cycle. Both the product life cycle plc and a new version, the product evolutionary cycle pec, are more than just descriptive marketing tools based on historical sales data.
As a product moves through its life cycle, the marketing approach must be adapted. Learning objectives after studying this chapter, you should be able to. A marketer should watch on its sales and market situations to identify the stage in which the product is passing through, and. A short product life cycle is one of the hallmarks of a fad.
Product lifecycle the life cycle concept may apply to a brand or to a category of a product. Explain how companies find and develop newproduct ideas list and define the steps in the newproduct development process and the major considerations in managing this process describe the. Usually, there are 4 different stages in the product life cycle. The journey starts from the day it is just an idea to the day it is finally removed from the market. Normally any strategic process has three distinct stages which are analy. The product lifecycle plc describes the stages of a product from launch to being discontinued. The product life cycle is the process a product goes through from when it is first introduced into the market until it declines or is removed from. As a product progresses through the stages, changes are made to how the product is marketed. All of the information below is based on the product or service being genuinely new to its market could be available in other markets and based on the product or service being genuinely good and valued by the market. A new product progresses through a system of stages from introduction to growth, maturity and decline. Developing new products and managing the product lifecycle.
Marketing management 11 may new product development. A lot of factors were accounted for, and importance of marketing strategies and product life cycle highlighted. Each of stages demands the unique or distinguished set of marketing strategies. Tan teck ming terence sobbez tan taylors university lakeside campus taylors business school. Best marketing plan powerpoint ppt template slidesalad.
Product development life cycle powerpoint sketchbubble. Products go through four distinct stages in the life cycle, each with its own unique marketing strategies. Product life cycle is the set of stages a product goes through during its lifetime. This free product life cycle powerpoint template is a ppt slide design with a product life cycle curve ready to be used in your powerpoint presentations to describe a business or product life cycle with an example or make a presentation on new product development stages. Setting a low initial price to encourage higher distribution and exposure. Where the product is in its lifetime is what determines the strategy that marketers will use to prolong its lifetime. Newproduct development and product lifecycle strategies. Product life cycle the process which a product passes through from birth development to death withdrawal. It is a strategy tool that helps companies plan for new product.
Product life cycle is an important tool for market forecasting, planning and control. With our powerpoint product development lifecycle template deliver every point in a most spectacular manner. The product lifecycle itself it divided into 4 stages of development. The product life cycle stages can be used for describing how products and markets work. This is the case not only for living beings, but also for consumer products. Every product in the market has a life and each goes through several cycles. Product life cycle template for powerpoint is a powerpoint presentation design that you can use to represent a product life cycle or business life cycle using powerpoint shapes and combining it with the boston consulting group matrix or growthshare matrix template.
Product life cycle stages and strategies marketing. In your everyday business atmosphere regardless of the vertical you belong to, you have to convey. Marketing strategy and the product life cycle bizfluent. Setting a high price for a new product to capitalize on high demand. This free ppt template with product life cycle curve. Marketing strategy product life cycle the product life cycle is an important concept in marketing. How to use the product lifecycle model smart insights. Best marketing plan powerpoint ppt template for presentations. This marketing plan ppt theme packed with more than 150 easy to use and edit slides designs, graphics and marketing diagram, more than 125 multiple colors. Product life cycle product life cycle is the course of a products sales and profits over time. Icon set for illustrating product life cycle stages. Marketing management product life cycle tutorialspoint. Set of activities, benefits or satisfaction offered for sale.
It describes the stages a product goes through from when it was first thought of until. If you looking for an informative and comprehensive powerpoint template to make your marketing plan and strategy presentation, then this creative set is a perfect choice. We just considered the case of apple launching a new product the apple watch. This free product life cycle powerpoint template is a ppt slide design with a. The conditions in which a product is sold advertising, saturation changes over time and must be managed as it moves through its succession of stage. Life is a series of developments and changes, resulting in peaks, decline and eventually, demise. But the policies and tactics now adopted will be neither freely the sole choice of. This template for powerpoint contains nice curve design that you can use to model product life cycle stages. A particular set of marketing strategies and tactics was needed to define a product that did not exist, to create it, and introduce it. The product life cycle plc curve is divided into several stages characterized by the revenue generated by the product on each stage. Set of activities, benefits or satisfaction offered for sale intangible may not result in ownership what is a product.
To do so, it may decide to implement extension strategies which are intended to extend the life of the product before it goes into. It illustrates the product evolution stages or sequence of stages during the entire product or its category life cycle. You can find other plc design variants including more or less stages but some of the most popular stages are development, introduction, growth, maturity and decline. The product life cycle ppt powerpoint presentation ideas, stages of product life cycle ppt powerpoint presentation inspiration skills, product life cycle stages ppt powerpoint presentation slides. Product life cycle an overview sciencedirect topics. Download our free resource essential marketing models. Consider our product life cycle strategies powerpoint presentation slides and forget the roadblocks you may face while making a plm presentation. The product life cycle or plc curve is primarily associated with marketing theory. However, using the plc concept for forecasting product performance or developing marketing strategies brings some.
Product life cycle in marketing management powerpoint. Product life cycle and marketing strategies pdf northern. A typical product life cycle can be illustrated from discovery to decline as follows william and mccarthy, 1997 figure 21. Product life cycle template for powerpoint slidemodel. The changes that may take place in the health or the fortune of a product during the period it is on the market.
Generally, the life cycle of a product has four clear stages, each with its own characteristics. Product life cycle strategies quiz questions and answers 14 pdf download. The understanding of a products life cycle, can help a company to understand and realize when it is time to introduce and withdraw a product from a market, its position in the market compared to competitors, and the products success or failure. Our promotional mix ppt slides will enable you to define system lifecycle stages, extension strategies, pricing tactics, distribution channel, atl and btl. Product life cycle stages and strategies marketing portfolio. When used carefully, the plc concept can be a great help in developing goods marketing strategies for the different product life cycle stages.
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