Introduction to the the Product Life cycle model

An introduction to the Product Lifecycle model The Product Life Cycle (PLC) describes the stages of a product from launch to being discontinued. As we will see in the example, the product lifecycle can be reviewed across an entire category, or in the context of an individual companies product.  It is a strategy tool that helps companies plan for new product development and refine existing products There are 4 stages shown in the table below to the lifecycle process, although decline can be avoided by reinventing elements of the product. It is also recognised that some products never move beyond the introduction phase whilst others move through the life cycle much faster than others. What do the PLC stages mean? Introduction Introducing a new product where it s unknown and products are small. The price is often higher as distribution is limited, and promotion is personalised. Growth Here, the product is being bought and with volume, the price declines. Distribution increases and prom
http://www.smartinsights.com/marketing-planning/marketing-models/product-life-cycle-model/

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