Product life cycle stages are important for a company’s marketing plan. Product lifecycle strategies can manipulate the stages to extend a product’s life, such as making minor changes or offering promotions to revive interest.
The life cycle of a product is something that is usually at the forefront of a company’s marketing plan as it plays an important role in the company’s ability to market the product effectively while using its sale as a source of competitive advantage in a defined market. A product life cycle is a term that is used to describe the identifiable stages in the life of a product, starting from the inception of that product to the day it ceases to fulfill the purpose for which it was created, leading to its withdrawal from the market. The different types of product lifecycle strategies refer to those that can be applied to manipulate the normal product lifecycle in order to create a different outcome. This comes from the fact that a product usually goes through five processes starting from the day such a product is introduced to the market to its rise and eventual decline.
An example of applying product lifecycle strategies is a deliberate attempt by the marketer or manufacturer of the product in question to make some minor changes to the design or packaging of the product that is already starting to experience declining sales. This is done as a means of reviving interest in the product and thereby extending the product life cycle beyond what it would have been without such a strategy. Such product lifecycle strategies can be seen in the mobile phone industry where a phone company could simply increase the pixels on the camera of a popular mobile phone, as well as increase the screen size and other small changes that will revive the consumer interest in the telephone.
Another application of product lifecycle strategies can be seen when companies undertake huge promotions to rekindle interest in a product that may have reached the decline stage of its lifecycle. For example, the cell phone company might offer different prizes to consumers for buying the phone, or they may hold lots as part of their efforts to alter the product lifecycle in their favor. Some companies also try to capture market segments or demographics that weren’t part of their initial marketing goal in order to extend their customer base and make the product retain its relevance for a longer time.
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