Marketing Strategies
The Product Life Cycle (PLC) is a concept used to understand the stages of a product’s life and the associated marketing strategies used to promote it. Each stage of the PLC has unique characteristics and marketing strategies must be tailored to suit the product’s current position in the PLC. The marketing strategy for the Introduction phase of the PLC should be focused on building awareness and a good reputation. This may include using advertising, public relations, or direct marketing (Kotler & Keller, 2017). Additionally, pricing should be set at a higher level to help recoup the costs of development, advertising, and promotion (Kotler & Keller, 2017). The marketing efforts should focus on growing market share and building brand loyalty as the product moves to Growth. This could include investing in customer relationship management strategies and using promotional pricing to attract new customers (Kotler & Keller, 2012). The Maturity stage is where it’s important to keep market share while protecting yourself from competitors. This may include re-positioning the product and investing in customer loyalty programs (Kotler & Keller, 2017). Cont…
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