A specific strategy which is devised to get an idea about the progress of the product of a company is known as PLC. PLC stands for the product lifecycle. The major stages that involve in this process are growth, maturity and decline. The main aim of preparing a PLC marketing strategy is to get an idea about all the possible changes in a marketing situation. If you are not able to write an academic paper about PLC marketing strategy, then you can get help from experts in cheap dissertation writing services. All you need to know about the next PLC marketing strategy is explained below;
- Introduction stage of the product lifecycle
The main concern of an introductory stage of a product life cycle is that it is relevant to the new products which are launched by the company for the first time in the market. For this reason, first of all, you will have to define the target audience correctly and secondly, you will have to devise a clear plan and outline to present your product before the customers. Thirdly, you should try to devise a clear plan and outline that what are possible ways to increase your sale.
- The growth stage of the product lifecycle
After the introductory stage of the product lifecycle, there comes the growth stage of the product lifecycle. In this stage, you will observe that your product is accepted by the customers and there is positivity in the cash flow. You are selling your products in an effective way because you have got success in lessening the manufacturing cost of this product. During the growth stage, it is necessary to invest some handsome amount in advertising. With the help of advertising, it will be easy for a customer to develop awareness about a product among the customers.
- The maturity stage of the product lifecycle
This is a crucial stage during the life cycle of a product. Its reason is that during this stage, the sale of a product will be flat and you will observe a decline in the profit margin. There are many factors behind it like there is a possibility that your product will be displaced by another product in the market and there is saturation in the market. In order to solve this problem, first of all, you should try to compete with other products. Secondly, you should try to find another market for the growth of your product.
- The decline stage of the product lifecycle
During this stage, you will observe a sudden decline in the sales of your products. There are also two possibilities behind this kind of awkward situation. First of all, there is a possibility that there is saturation in the market. Secondly, there is a possibility that your products are strongly overrun by the competitors. The best solution to this problem is to harvest cash from this business and try to invest your capital to another promising brand. You should try to remove these products from the market in an effective way.