Product Life Cycle Management

Product life cycle management management (marketing):( marketing):Product life cycle management (or PLCM) PLCM) is the succession of strategies used by business management as a product goes through its life cycle. The condition in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages. Stage

Characteristics 1.

Market introduction stage 1.

2. 3. 4. 5. 6. 1.

2. Growth stage

2. 3. 4. 5. 6. 1.

3. Maturity stage

2. 3. 4. 5. 6.

costs are very high slow sales volumes to start little or no competition demand has to be created customers have to be prompted to try the product makes no money at this stage costs reduced due to economies of scale sales volume increases significantly  profitability begins to rise  public awareness increases competition begins to increase with a few new players in establishing market increased competition leads to price decreases costs are lowered as a result of production volumes increasing and experience curve effects sales volume peaks and market saturation is reached increase in competitors entering the market  prices tend to drop due to t o the proliferation of competing  products  brand differentiation and feature diversification is emphasized to maintain or increase market share Industrial profits go down

costs become counter-optimal 2. sales volume decline or stabilize 3.  prices, profitability diminish 4.  profit becomes more a challenge of production/distribution efficiency than increased sales 1.

4. Saturation and decline stage

What

Is Marketing:-

Marketing is the process of performing market market research, selling products and/or services to customers and promoting them via advertising to further enhance sales . It generates the strategy that underlies sales techniques, t echniques, business business communication, and business develop ments . int egrated process through t hrough which companies build strong customer relationships and It is an integrated create value for t heir customers and for themselves . 1 GAURAV SHARMA (M.B.A), S.H.I.A.T.S

What

is 4Ps OF MARKETING?

This

system is basically the four Ps r enamed and reworded to provide a customer focus . The SIVA Model provides a demand/customer-centric alternative to the well-kn well-known own 4Ps supply side model (product, price, placement, promotion) of marketing management .

Product

 Solution

Price

 Value

Place

 Access

Promotion  Information DEF: - Four basic marketing marketing strategies, strategies, collectively known as the four Ps -pro -product, duct, place, price, and promotion.

Brand:.

brand is the identity of a specific product, service, or business A brand can take many forms, including a name, sign, symbol, color combination or slogan . T he word brand began simply as a way to tell one person's cattle from another by means of a hot iron stamp . A legally protected brand name is called a trademark . The word brand has continued to evolve to encompass identity - it affects aff ects the personality of a product, company or service . A

2

GAURAV SHARMA (M.B.A), S.H.I.A.T.S