Hello all.
In my this video I had explained Product life cycle stages and strategies for each stage explain with different examples of telecommunication, FMCG , auto sector etc
The product life cycle is the process when a product goes through when it first appears in the market until it is decline or removed from the market.
There are four stages to the life cycle - introduction, growth, maturity and decline.
This concept is used by management and marketing professionals as a factor in deciding when it is appropriate to increase advertising, expand into new markets, reduce prices, redesign packaging etc.
Conducting PLC analysis can help companies determine whether their products are serving the market they are targeting efficiently and when they may need to change their focus.
By examining their product in relation to the market as a whole, their competitors, sales and expenses, companies can better decide how to streamline and develop their product for longevity in the market.
Examining the life cycle of your products, paying specific attention to where they are, can help companies determine whether they need to develop new products to continue generating sales - especially if most of their products are in the product's maturity or declining stages.
I hope my video will clarify the concept of product life cycle easily.
Following points are covered
Stage 1. Introduction stage
a. Skimming strategy
b. Penetration strategy
Stage 2. Growth stage
a. Optimize Production Level strategy
b. Improve Quality strategy
c. Lower Price Strategy
Stage 3 Maturity stage
a. Product Modification strategy
b. Market Modification strategy
c. Marketing Mix Modification strategy
Stage 4 Decline stage
a. Harvesting strategy
b. Concentrated Strategy
c. Strategic Alliances strategy
Thanks for watching and commenting.
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Following are list of my other videos of marketing management
1. Digital marketing strategies
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2. Consumer buying behaviour process
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3. Levels of market segmentation
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4. Basis for segmenting consumer market
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5. Core marketing concepts
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6. Factors affecting choice of distribution channel
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7. Promotion mix / Integrated marketing communications mix
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8. Marketing orientation / company orientation
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TIMESTAMPS
0:00 Welcome to my channel Management By Dr. Mitul Dhimar
0:19 Meaning of Product life cycle and its strategies
0:50 Introduction stage in product life cycle
1:40 Skimming strategy in introduction stage
2:21 Penetration strategy in introduction stage
2:45 Growth stage in product life cycle
3:24 Optimize production level in growth stage
3:43 Improve quality in growth stage
4:01 Lower price in growth stage
4:19 Maturity stage in product life cycle
4:49 Product modification in maturity stage
5:14 Market modification in maturity stage
5:34 Marketing mix modification in maturity stage
6:05 Decline stage in product life cycle
6:44 Harvesting strategy in decline stage
7:22 Concentrated strategy in decline stage
7:49 Strategic alliances in decline stage
#managementbydrmituldhimar
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