Answer:
The product life cycle (PLC) is a theoretical model that describes the different stages a product may go through over its lifespan, from its introduction to its eventual decline. The four stages of the product life cycle are:
Introduction: This is the stage when a new product is launched into the market. At this stage, the product is unknown to the customers, and the focus is on creating awareness and generating interest among potential buyers. Marketing strategies at this stage should be geared towards building brand awareness and creating a demand for the product. Examples of marketing strategies that can be used at this stage include advertising, public relations, and sales promotions.
Growth: During this stage, the product gains wider acceptance in the market, and sales increase rapidly. The focus at this stage is on building market share and maximizing profitability. Marketing strategies at this stage should focus on building brand loyalty and increasing market share. Examples of marketing strategies that can be used at this stage include product differentiation, pricing strategies, and distribution strategies.
Maturity: During this stage, the product reaches its peak in terms of sales and market share. However, sales growth slows down, and competition increases. The focus at this stage is on maintaining market share and profitability. Marketing strategies at this stage should focus on maintaining brand loyalty and maximizing profits. Examples of marketing strategies that can be used at this stage include product innovation, pricing strategies, and brand extensions.
Decline: During this stage, sales and profits decline as the product becomes less popular or obsolete. The focus at this stage is on managing the decline and either revitalizing or phasing out the product. Marketing strategies at this stage should focus on managing the decline and minimizing costs. Examples of marketing strategies that can be used at this stage include cost-cutting measures, product line extensions, and targeted promotions.
Step-by-step explanation: