PLC involves marketing strategies to meet the four typical market conditions during the product stages of introduction, market growth, product maturity and product decline. PLM involves more efficient product development, production operations and product support by means of a centralized product data repository and improved communication among all stakeholders.
Product Life Cycle Stages: Introduction to Decline
The stages described below are typical market conditions at each stage and the typical strategies adopted to meet these conditions. Not all products exhibit the same characteristics.
Introduction Stage: An innovative new product is introduced into the market. Prospective customers are not yet aware of how the product can benefit them. The marketer has to educate them and build up demand. Because production volumes are low, cost of production is high and product is not yet profitable.
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