Product Life Cycle Management

PRODUCTS do not have predictable life cycles, and the progression of each product through its life cycle varies. In cases, such as milk and petrol, perpetually remain in the mature stage. Others may come and go in a flash

The product life cycle serves as a useful model upon which business can adapt their marketing mix "recipe" to sustain or increase demand for a product. It is also useful for monitoring sales results overtime, and compare them to those of products with similar life cycles.

Strategies for extending the Product Cycles :-
1. Use advertising that is informative in the introduction stage, persuasive in the growth & maturity stages and reminder - oriented in the decline stage.
2. Allocate a bigger promotional budget in the early stages, and gradually reducing expenditure as the product matures and declines..
3. Lowering prices, increasing or modifying channels of distribution, or enhancing product attributes (such as packaging & benefits) or brand image.
4. Introducing the product to new markets

In some cases, it may make more economic sense to devote resources to developing new products, rather than endeavour to "revive" a product nearing the end of its life cycle!