Marketing mix and product life cycle pdf

Pdf prioritization of expanded marketing mix in different stages of. Food products, marketing mix, prioritizing, product life cycle. Product life cycle consist of 5 important stages viz. Product life cycle 4 stages of products life feedough. This is the last optional strategy for the maturity stage. Product life cycle plc marketing management video lecture by prof. Normally any strategic process has three distinct stages which are analy. Product life cycle and marketing management strategies. In marketing strategy, market development and position of product in the life cycle should be considered. The product life cycle consist of four stages starting from introduction stage, growth stage, maturity stage and decline stage. Characteristics of the product life cycle stages and marketing implications.

The paper presents an analysis of two popular mobile games plc related strategies and corresponding marketing mix. A product is introduced to the market during the introduction stage. Despite the criticism of the product life cycle model during the mid 70s, by a number of authors, the model continues to be a valuable tool for marketers. How would the marketing mix change at different stages of the. Department of agricultural economics, faculty of agriculture, ferdowsi. Products require different marketing, financial, manufacturing, purchasing, and human resources strategies in each life cycle stages. Understanding the product life cycle can help business owners and marketing managers plan a marketing mix to address each stage fully. Pdf product strategies of companies in the fmcg industry. There are many features of this stage of product life cycle. Most products that have been on the market for a long time are in this stage. These actions are included in the formulation of the marketing strategy.

In their search for the best price level, wow wees marketing managers could consider a variety of other approaches, such as costbased pricing, demandbased pricing, prestige pricing, and oddeven pricing. Introduction, growth, maturity, saturation and decline. The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market. Typically these lifecycles move through four stages. The life cycle of a product starts from the time it is introduced in the market and continues till the product is withdrawn. See discussions, stats, and author profiles for this publication at. The characteristics of the product life cycle stages are discussed below. Pdf marketing mix of product life cycle mmplc and business. This is accomplished during product development by the use of market research. All products or services move through product lifecycles. Characteristics of the product life cycle stages and. Thus, most marketing strategies are designed for mature products. Its marketing cost may be high in order to test a market and set up a distribution channel. Product life cycle and marketing management strategies ijert.

The plc describes the four key stages that a product is likely to experience between its launch and its disappearance from the market. The product life cycle contains five distinct stages. For the four stages introduction, growth, maturity and decline, we can identify specific product life cycle strategies. Product life cycle strategies plc and characteristics managing each plc stage. In the introduction stage, the firm seeks to build product awareness and develop a market for the product. At the introduction stage, the product is not popular and cant really make a lot of profit. A companys positioning and differentiation strategy must change as the product, market and competitors change over the product life cycleplc.