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Unit9.ProductLifeCycleandItsMarketingImplicationsWhatisaproductlifecycle?Aproduct'slifecycle(PLC)canbedividedintoseveralstagescharacterizedbytherevenuegeneratedbytheproduct.Ifacurveisdrawnshowingproductrevenueovertime,itmaytakeoneofmanydifferentshapes,anexampleofwhichisshowninthenextchart.
Theproductlifecycleconceptmayapplytoabrandortoacategoryofproduct.Itsdurationmaybeasshortasafewmonthsoracenturyormoreforproductcategoriessuchasthegasoline-poweredautomobile.Productdevelopmentistheincubationstageoftheproductlifecycle.Therearenosalesandthefirmpreparestointroducetheproduct.Astheproductprogressesthroughitslifecycle,changesinthemarketingmixusuallyarerequiredinordertoadjusttotheevolvingchallengesandopportunities.3TimeProductDevelop-mentIntroductionProfitsSalesGrowthMaturityDeclineLosses/Investments($)SalesandProfits($)SalesandProfitsOvertheProduct’sLifeFromInceptiontoDemiseProductLifeCycleStages
(SeeP161Fig.9.1)IntroductionStageWhentheproductisintroduced,saleswillbelowuntilcustomersbecomeawareoftheproductanditsbenefits.Somefirmsmayannouncetheirproductbeforeitisintroduced,butsuchannouncementsalsoalertcompetitorsandremovetheelementofsurprise.Advertisingcoststypicallyarehighduringthisstageinordertorapidlyincreasecustomerawarenessoftheproductandtotargettheearlyadopters.Duringtheintroductorystagethefirmislikelytoincuradditionalcostsassociatedwiththeinitialdistributionoftheproduct.Thesehighercostscoupledwithalowsalesvolumeusuallymaketheintroductionstageaperiodofnegativeprofits.5Duringtheintroductionstage,theprimarygoalistoestablishamarketandbuildprimarydemandfortheproductclass.Thefollowingaresomeofthemarketingmiximplicationsoftheintroductionstage:Product
-oneorfewproducts,relativelyundifferentiatedPrice-Generallyhigh,assumingaskimpricingstrategyforahighprofitmarginastheearlyadoptersbuytheproductandthefirmseekstorecoupdevelopmentcostsquickly.Insomecasesapenetrationpricingstrategyisusedandintroductorypricesaresetlowtogainmarketsharerapidly.Distribution-Distributionisselectiveandscatteredasthefirmcommencesimplementationofthedistributionplan.Promotion
-Promotionisaimedatbuildingbrandawareness.Samplesortrialincentivesmaybedirectedtowardearlyadopters.6GrowthStage
Thegrowthstageisaperiodofrapidrevenuegrowth.Salesincreaseasmorecustomersbecomeawareoftheproductanditsbenefitsandadditionalmarketsegmentsaretargeted.
Duringthegrowthstage,thegoalistogainconsumerpreferenceandincreasesales.Themarketingmixmaybemodifiedasfollows:Product
-Newproductfeaturesandpackagingoptions;improvementofproductqualityPrice-Maintainedatahighlevelifdemandishigh,orreducedtocaptureadditionalcustomers.Distribution-Distributionbecomesmoreintensive.Tradediscountsareminimalifresellersshowastronginterestintheproduct.Promotion-Increasedadvertisingtobuildbrandpreference.7MaturityStage
Thematuritystageisthemostprofitable.Whilesalescontinuetoincreaseintothisstage,theydosoataslowerpace.Duringthematuritystage,theprimarygoalistomaintainmarketshareandextendtheproductlifecycle.Marketingmixdecisionsmayinclude:
Product-Modificationsaremadeandfeaturesareaddedinordertodifferentiatetheproductfromcompetingproductsthatmayhavebeenintroduced.Price-Possiblepricereductionsinresponsetocompetitionwhileavoidingapricewar.Distribution-Newdistributionchannelsandincentivestoresellersinordertoavoidlosingshelfspace.Promotion-Emphasisondifferentiationandbuildingofbrandloyalty.Incentivestogetcompetitors'customerstoswitch.8DeclineStage
Eventuallysalesbegintodeclineasthemarketbecomessaturated,theproductbecomestechnologicallyobsolete,orcustomertasteschange.Iftheproducthasdevelopedbrandloyalty,theprofitabilitymaybemaintainedlonger.Unitcostsmayincreasewiththedecliningproductionvolumesandeventuallynomoreprofitcanbemade.Duringthedeclinephase,thefirmgenerallyhasthreeoptions:Product
-
Thenumberofproductsintheproductlinemaybereduced.Rejuvenatesurvivingproductstomakethemlooknewagain.Price-Pricesmaybeloweredtoliquidateinventoryofdiscontinuedproducts.Pricesmaybemaintainedforcontinuedproductsservinganichemarket.Distribution-Distributionbecomesmoreselective.Channelsthatnolongerareprofitablearephasedout.Promotion-Expendituresarelowerandaimedatreinforcingthebrandimageforcontinuedproducts.LimitationsoftheProductLifeCycleConceptTheterm"lifecycle"impliesawell-definedlifecycleasobservedinlivingorganisms,butproductsdonothavesuchapredictablelifeandthespecificlifecyclecurvesfollowedbydifferentproductsvarysubstantially.Consequently,thelifecycleconceptisnotwell-suitedfortheforecastingofproductsales.Furthermore,criticshavearguedthattheproductlifecyclemaybecomeself-fulfilling.Forexample,ifsalespeakandthendecline,managersmayconcludethattheproductisinthedeclinephaseandthereforecuttheadvertisingbudget,thusprecipitatingafurtherdecline.Nonetheless,theproductlifecycleconcepthelpsmarketingmanagerstoplanalternatemarketingstrategiestoaddressthechallengesthattheirproductsarelikelytoface.Italsoisusefulformonitoringsalesresultsovertimeandcomparingthemtothoseofproductshavingasimilarlifecycle.11ReviewofKeyTermsandConceptsIntroductionstage
Theproductlife-cyclestageinwhichthenewproductisfirstdistributedandmadeavailableforpurchase.(產(chǎn)品)導(dǎo)入期,介紹期.
growthstage
Theproductlife-cyclestageinwhichaproduct'ssalesstartclimbingquickly.增長期maturitystage
Thestageintheproductlifecycleinwhichsalesgrowthslowsorlevelsoff.成熟期declinestage
Theproductlife-cyclestageinwhichaproduct'ssalesdecline.衰退期12
productlifecycle(PLC)
Thecourseofaproduct'ssalesandprofitsoveritslifetime.Itinvolvesfivedistinctstages:productdevelopment,introduction,growth,maturity,anddecline.產(chǎn)品生命productdevelopment
Developingtheproductconceptintoaphysicalproductinordertoensurethattheproductideacanbeturnedintoaworkableproduct.產(chǎn)品開發(fā)
DiscussionandReviewQuestions:
1.WhatisProductLifeCyclebydefinition?Andhowmanystagesatypicalproductmaygothrough?2.Pickasoftdrink,car,fashion,foodproduct,orelectronicgadgetandtracetheproduct'slifecycle.Explainhowyouseparatedthestagesoftheproduct'sdevelopment.3.Whichstageoffersthegreatestprofitpotential?Provideexamplesifpossible.4.Whatistheprimarygoalduringtheintroductionstageintermsofmarketing?5.Whatkindofmarketingmixshouldmarketerpursueduringthegrowthstageofproductlifecycle?6.Duringthematuritystage,theprimarygoalistomaintainmarketshareandextendtheproductlifecycle.Pleasecomment.7.Whatarethepricingstrategiescanbeusedduringtheintroductionstage?Why?8.Whatarethelimitationsofproductlifecycleconcept?SelectedAnswers
toExercisesinUnit9I.Nofixedanswerstothesequestions;Studentsmaymakefreespeechaccordingtothetext.II.1.incubation;2.implementation;3.alert;4.penetration;5.promotions;6.maturity;7.pricing;8.category
III.
1.f;2.d;3e;4.b;5.c6.a;IV.1.T;
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