The PLC curve is divided into 4 stages: Introduction, Growth, Maturity and Decline.
The suggested logical strategies at each of the stages are:
INTRODUCTION ⇨ CREATE THE MARKET SHARE. In terms of the marketing mix: differentiated product, cost-plus pricing, selective distribution, building product awareness amongst early adopter and dealers and use heavy sales promotional advertising, sampling to entice trials. More on Marketing Strategies in Introduction Stage of PLC
GROWTH ⇨ EXPAND/GROW THE MARKET SHARE. In terms of the marketing mix: Offer product extensions and services, price to penetrate market, build intensive distribution, build awareness and interest in the mass market, promotional spends can be reduced as there will be higher consumer demand. More on Market Leader Strategies in the Growth Stage of the Product Life Cycle
MATURITY ⇨ CONSOLIDATE THE MARKET SHARE AND ENCOURAGE CONVERSIONS. In terms of the marketing mix: diversify brand, price to match t (...) Read more? Sign up for free