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Product life cycle (PLC)

One of your company's most important products in the maturity stage of its products life cycle and has been for a while. Now the competition is taking aim at your product. What marketing strategies are the most appropriate in this situation? Discuss strategies for each element of the marketing mix. Which strategy would you use first? Why?

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The response address the queries posted in 896 words with references.
// As per the requirement of the paper, the product life cycle for the product will be discussed and strategies for each element of the marketing mix will be described in the paper. This will enhance your knowledge about the product life cycle and its various stages //

Product life cycle (PLC) analysis is an exceptionally helpful tool for the producers and marketers. PLC analysis explains that a product goes through four stages in its life, which are as follows:

? Introduction

? Growth

? Maturity

? Decline

Revising the pattern of PLC from time to time helps the business to prosper. It gives marketers a better understanding in managing their profitable products and eliminating the unprofitable ones. As the product moves from one stage of its life cycle to another, marketers try to evaluate and adjust strategies for promoting, pricing and distributing the product.

This paper discusses about a company's product which is in the maturity stage of its product life cycle. Company is facing fierce competition in market and thinking about new marketing strategies to fight with this competition. In maturity stage, the pace of sales increase will become sluggish, and the product will go into a phase of comparative ripeness. Maturity period poses formidable challenges to marketing management (Marketing Management, 2004).

// The next section will discuss about the various marketing strategies that are beneficial for the product in ...

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The response addresses the queries posted in 731 Words, APA References.