### 날짜 : 2023-11-25 20:24 ### 주제 : 5.1 Product Life Cycle #마케팅 #공부 ---- # **5.1 Product Life Cycle** > The product life cycle (PLC) is a fundamental concept in marketing that represents the stages a product or service goes through in its market existence. Understanding the PLC is essential for developing effective marketing strategies and making informed business decisions. Here's a detailed look at the key aspects of the product life cycle: #### **1. Introduction Stage** - **Characteristics:** This is the initial stage when a new product is introduced to the market. Sales are typically low, and the product may not be profitable yet. - **Marketing Focus:** Companies invest heavily in marketing and promotion to create awareness and attract early adopters. - **Challenges:** High development and marketing costs, slow sales growth, and potential challenges in establishing a customer base. #### **2. Growth Stage** - **Characteristics:** In this stage, sales begin to grow rapidly as the product gains acceptance. Competitors may enter the market. - **Marketing Focus:** Companies continue marketing efforts to expand market share. Pricing may remain stable or decrease slightly. - **Challenges:** Competition intensifies, and companies need to maintain quality and customer satisfaction. #### **3. Maturity Stage** - **Characteristics:** Sales stabilize in the maturity stage, with slower growth rates. The market becomes saturated, and competition is high. - **Marketing Focus:** Companies focus on retaining market share, cost efficiency, and differentiating their products. - **Challenges:** Intense competition can lead to price wars, and companies need to innovate to stay relevant. #### **4. Decline Stage** - **Characteristics:** In the decline stage, sales and profits start to decline as consumer interest wanes or shifts to newer products. - **Marketing Focus:** Companies may choose to discontinue the product or maintain a niche market. Marketing efforts may be reduced. - **Challenges:** Managing declining sales and deciding whether to phase out the product or revitalize it. #### **Strategies Along the Product Life Cycle** - **Introduction:** Focus on creating awareness, building a strong brand, and capturing early adopters. Pricing may be high to recover development costs. - **Growth:** Expand market share, improve product features, and consider pricing adjustments. Advertising and promotion remain important. - **Maturity:** Maintain market share, control costs, and explore product extensions or variations. Focus on customer loyalty and service. - **Decline:** Decide whether to discontinue, revitalize, or maintain the product in a niche market. Manage costs and inventory. #### **Extension Strategies** - Extension strategies aim to prolong the product life cycle. They include product improvements, line extensions, entering new markets, or rebranding. #### **Product Portfolio Management** - Companies manage a portfolio of products with varying life cycle stages, ensuring a balance between cash cows (mature products) and stars (high-growth products). Understanding the product life cycle helps marketers adapt their strategies to each stage, allocate resources effectively, and make decisions regarding product development and management. It's a valuable tool for maximizing the lifespan and profitability of products in the market. ### 출처(참고문헌) - ### 연결문서 -