About product ,its stages and strategies at various stages.

1. WHAT IS PRODUCT…..?
In marketing, a product is anything that can be
offered to a market that might satisfy a want or need.
In retailing, products are called merchandise. In
manufacturing, products are bought as raw materials
and sold as finished goods.

2. PRODUCT LIFE CYCLE
The stages through which the individual
products develop over a period of time is known as
product life cycle.”
Product life cycle product life cycle is the
course of a product’s sales and profits over time.
Product life cycle(plc) deals with the life of a
product in the market with respect to business or
commercial costs and sales measures.

3. WHY A PRODUCT LIFE CYCLE…..?
• Serves as a sales forecasting.
• Predictive tool.
• Work as planning tool.
• Act as control tool.
• Helpful for marketing program.
• Development of the product .

4. PRODUCT LIFE CYCLE

5. Rapid Skimming- Launching
the new product at high price
and high promotional level.
Slow skimming- Launching
the new product at high price
and low promotional level.
Rapid Penetration-Launching
of product at low price with
heavy promotion.
Slow penetration- Launching
the new product at a low price
and low level of promotion.

6. GROWTH STAGE
• Improved product quality and add new product features
and styling.
• Add new models and products of different sizes, color,
shapes etc.
• Increase distribution coverage enter new distribution
channels.
• Shifts from product awareness to product preference
advertising
• Examples- Hyundai-I10.

7. MATURITY STAGE
• 1. Market Modification-
• Converting non users.
• Entering new market segments.
• Win competitors customers.
• 2. Product Modification-
• Quality Improvement.
• Adopting advance technology.
• Product Differentiation.

8. DECLINE STAGE
• Increase the given firms investment to dominate
the market or strengthen its competitive position.
• Maintaining the given firms investment level
until the uncertainties about the industry are
resolved.
• Decrease the firms investment selectively, by
dropping the unprofitable customers group, while
simultaneously strengthening the firms
investment niche segments

9. PLC CONCEPT IS BASED ON FOLLOWING
ASSUMPTIONS-
• Fully abolishment of Product.
• Unrecognized Stages
• Different stages of product in different region.
• Product Experience