In today’s highly dynamic marketing environment, a company’s marketing strategy must change as the product, market, and competitors change over time. Each entrepreneur should know his product life cycle so he can take the most efficient decisions.
The “Product life cycle” tool describes the concept of the product life cycle (PLC) and the changes that you have to make as the product passes through each stage of the life cycle. As a planning tool, this concept will help you to characterize the main marketing challenges in each stage of a product’s life and to develop major alternative marketing strategies. Thus, you will be able to control and design your marketing decisions based on one of the four (4) product stage that your product/service belongs to:
1. Introduction stage
2. Growth stage
3. Maturity stage
4. Decline stage