Product Life Cycle and Pricing Strategy in Marketing Management

MARKETING
MANAGEMENT

Theme and Goals of
Presentation
• To analyse the concept of Product
Life Cycle and Importance to
Marketing Managers
• To analyse the role of pricing
strategy in marketing
• To describe the organization along
with offerings of the product or
service
• To discuss and analyse the four
stages of PLC along with their
implications along with examples
• To understand the reasons for
importance of PLC and the
implications

Concept of PLC
• This is the cycle through which every product goes
through from introduction to eventual demise
• The different stages in the product life cycle includes
Introduction Stage
Growth Stage
Maturity Stage
Decline Stage (Bednarz et al., 2018)

Importance to Marketing
Managers
• Helpful in forecasting the sales
• Helpful in control tool
• Helpful as the planning tool
• Helpful in determination of the price (Chernev, 2018)
• Development of the new products in an effective
manner