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 ExxonMobilProduct Life Cycle –Concept and ImportanceProduct Life Cycle- Describes the stages of product production to saleThe 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.
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