The Product Life Cycle PLC describes the life path of a product. All products go through four stages, namely the stage of introduction, growth, maturity and decline. Each product has a life, part of which has the potential to rejuvenate the product life cycle.
For multiple products, your task as a marketer is more complex, as you will need to map the various life stages of each of the products to stagger and stagger them across the product universe so that each product life cycle is optimized by complete for cash generation around the world. the business horizon.
The PLC analysis is a fluid document that should be reviewed annually for planning purposes. Most PLCs do not follow a straight path and various business and political factors could cause less certainty that the product will live through its life stages as planned.
As a prudent marketer, you must proactively seek to rejuvenate the lifecycles of Cash Cow products, in the BCG matrix, in their maturity and decline stages.
Product rejuvenation ideas can be generated from the perspective of improving or changing product characteristics, adding new uses for the product, improving the product manufacturing process, product packaging technology innovation, channel delivery process creative and unique etc.
Baking soda, a product traditionally used to bake cakes and facing the decline stage in the PLC, has taken an innovative turn of fate for the better. Product development and marketing departments worked together to discover a new creative and highly practical use for the use of baking soda as an odor eliminating agent. The rest is marketing history and sales have rejuvenated by leaps and bounds since then.
As a smart marketer, you need to carefully weigh the pros and cons of product rejuvenation. Final decisions on whether to rejuvenate a product and extend its life cycle depend largely on the costs associated with the process, as well as your company’s ability to successfully reposition the rejuvenated product and convince potential customers of its uses. extended and added value.