Product Life Cycle Stages and Importance

The assignment content discusses the Product Life Cycle (PLC) concept, its importance in marketing, and its implications if left unmonitored. It introduces the PLC stages: introduction, growth, maturity, saturation, and decline, highlighting the five main stages. The content also explores the PLC as a forecasting tool, helping managers prepare product plans, adopt technological changes, and improve product quality, features, and design.

Introduction- Theme and Goals
• Introduction to Product Life Cycle (PLC)
• Importance of PLC to marketing managers
• Implication if PLC remains unmonitored
• Illustration of the product life cycle of ExxonMobil
Product Life Cycle –Concept and Importance
Product Life Cycle- Describes the stages of product production to sale
The Five Main Stages (Hedberg Jr et al, 2017)
(i) Introduction
(ii) Growth Stage
(iii) Maturity Stage
(iv) Saturation Stage
(v) Decline Stage
• It is a Forecasting Tool
• Helps in preparing product plan (Stark, 2015).
• Helps management to adopt latest technological change
• Improve the product quality, features and design.