Product Life Cycle Rejuvenation – Maximizing Your First Movers Advantage
The Product Life Cycle PLC describes the life path of a product. All products go through four stages, namely the Introduction, Growth, Maturity & Decline stage. Every product has a life, some of which has potential for product life cycle rejuvenation.
For multiple products, you task as a marketer is more complex as you will need to map the various life stages of each of the products to stagger and phase them across the product universe in order that each product life cycle is fully optimize for cash generation across the business horizon.
The PLC analysis is a fluid document which needs to be revisited annually for planning purpose. Most PLCs do not follow a straight path, and various business and political factors could cause less certainty of the product living through its life stages as planned.
As a prudent marketer, you should pro-actively look to rejuvenating the life cycles …