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To what extent is the Product Life Cycle (PLC) concept useful to a marketing manager?
in Economics and Finance by Diamond (55,076 points)
recategorized by | 30 views

1 Answer

+1 vote
The Product Life Cycle (PLC) traces and shows the sales of a product over its lifetime. Managers use the PLC concept to identify the current stage of a product and the adjust the marketing mix accordingly. For example a product promotion may be used to announce the launch of a new product, or to emphasize the differences with competitors in the maturity stage. Therefore the PLC informs managers and enables them to improve the company's performance through adaptive management.

The PLC can also be used to prevent the sales of a product from declining, by using appropriate intervention measures called extension strategies, including price reduction, product adaptation and introducing promotional offers.
by Diamond (38,758 points)

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