Product Life Cycle Essay by Peter Pen

Product Life Cycle
An explanation and description of the concept known as a product life cycle (PLC) in business.
# 52009 | 1,558 words | 4 sources | MLA | 2003
Published on Jul 27, 2004 in Business (Management) , Business (Applied Operations)


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Description:

All new products or product ideas progress through a life cycle, a Product Life Cycle (PLC). This paper explains that a PLC is used by managers as a strategic tool to help them develop a marketing approach for the new product as it goes through changes in the four distinct stages of introduction, growth, maturity, and decline.

From the Paper:

"The first stage is Introduction, or the introductory phase, a very difficult stage for organizations (marketing managers). Assuming that the organization found a marketable product, before it can begin to sell it in the market, it has to develop a marketing strategy that will validate the marketability of the new product. To accomplish this, organizations usually experience losses; they spend a lot of money for product promotion and product development. They have to enter the market understanding that customers are not looking for the product. Hence, it is up to them, the marketing managers, to persuade the potential consumers of the product's benefits and advantages over current offerings."

Cite this Essay:

APA Format

Product Life Cycle (2004, July 27) Retrieved December 01, 2022, from https://www.academon.com/essay/product-life-cycle-52009/

MLA Format

"Product Life Cycle" 27 July 2004. Web. 01 December. 2022. <https://www.academon.com/essay/product-life-cycle-52009/>

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