The PLC product life cycle describes the life path of a product. All products go through four stages, namely the stage of introduction, growth, maturity and decline. Every product has a life, part of which has potential for product life cycle rejuvenation.
For multiple products, your task as a marketer is more complex, since you will need to map the various life stages of each of the products to stagger and distribute them by stages in the product universe so that each product life cycle is fully optimized for cash generation around the world. the business horizon.
The PLC analysis is a fluid document that should be reviewed annually for planning purposes. Most PLCs do not follow a straight path, and various commercial and political factors could cause less certainty that the product will live through its life stages as planned.
As a prudent marketer, you should proactively seek to rejuvenate the life cycles of Cash Cow products, in the BCG matrix, in their mature and declining stages.
Product rejuvenation ideas can be generated from the perspective of improving or changing product features, adding new uses for the product, improving the product manufacturing process, product packaging technology innovation, single channel delivery process and creative etc
Baking soda, a product traditionally used for baking cakes and facing decline at the PLC, has taken an innovative twist of fate for the better. The product development and marketing departments worked together to discover a creative and highly practical new use of baking soda as an odor removal agent. The rest is marketing history and sales have rejuvenated by leaps and bounds since then.
As a smart seller, you should carefully weigh the pros and cons of product rejuvenation. Final decisions about whether to rejuvenate a product and extend its life cycle depend largely on the costs associated with the process, as well as your company’s ability to successfully reposition the rejuvenated product and convince potential customers of its uses. lengthy and added value.