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PRODUCT LIFE CYCLE
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DETAIL AND EXPLANTION OF PRODUCT LIFE CYCLE WITH EXAMPLES
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Sure. Product life cycle (PLC) strategies are the marketing and sales strategies thatbusinesses use to manage their products as they move through the different stages of
their life cycle. The PLC is divided into four stages: introduction, growth, maturity, and
decline.
Here is a detailed explanation of product life cycle strategies in easy words in Q&A
form:
What is product life cycle strategy?
Product life cycle strategy is the process of managing a product through its different
stages of development and sales. It involves setting goals for each stage, developing
marketing and sales plans, and monitoring the product's performance.
Why is product life cycle strategy important?
Product life cycle strategy is important because it helps businesses to:
● Maximize sales and profits: By understanding the different stages of the PLC,
businesses can develop strategies to maximize sales and profits during each
stage.
● Extend the product life cycle: By using effective strategies, businesses can
extend the life of their products and avoid having to discontinue them.
● Launch new products: By understanding the PLC, businesses can identify
opportunities to launch new products that will appeal to customers in different
stages of the PLC.
How does product life cycle strategy work?
Product life cycle strategy typically involves the following steps:
1. Identify the product's stage in the PLC: The first step is to identify the product's
stage in the PLC. This can be done by analyzing sales data, market research,
and customer feedback.
2. Set goals for each stage: Once the product's stage in the PLC has been
identified, businesses can set goals for each stage. These goals may include
increasing sales, increasing market share, or improving customer satisfaction.
3. Develop marketing and sales plans: Once goals have been set, businesses can
develop marketing and sales plans to achieve those goals. These plans may
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