Product Life Cycle Q4

Thomas Sim PEA2066

Q.
A product life cycle (PLC) has five (5) distinct stages/phases.

a) Briefly explain four (4) stages of the PLC. (5 marks)

b) Explain the various market strategies to be adopted at each of the four (4) stages. (20 marks)

(25 marks, 2011 Q4)

A.
Five (5) distinct stages/phases of PLC is seldom seen because the earliest stage - conceptualization of the product is not shown. Below is a diagram illustrating the 5 stages where 'concept creation' is included as the first stage.

The commonly known 4 stages of PLC are:
  1. Introduction - Concept Development
  2. Growth - Market Development
  3. Maturation - Business Optimization
  4. Decline - Harvesting

b) Strategies of PLC in the 4 stages.

See discussion on Part b) 4 Ps for Property for the elaboration of the above strategies under different phases of the product life cycle.

Ref:
http://www.marketing91.com/product-life-cycle/
http://www.dineshbakshi.com/igcse-business-studies/marketing/revision-notes/814-product-life-cycle