Product Life Cycle
Helen Strong
Product Life Cycle (PLC): Purpose
The underlying assumption of the PLC curve is that products have a limited life when consumers desire their benefits, and that they are available for consumption. This curve is intended to help determine the life stage of your products, which in turn determines how much marketing effort is devoted to promoting offtake.
Astute marketers will evaluate the status of their products on the PLC curve when conducting a product portfolio review. A portfolio review is necessary to ensure that the marketing mix is aligned to consumer perception of the product, and with conditions within the market.
Another use for a life-cycle assessment is to anticipate the need for new products to replace those that have gone over the growth hill into maturity. (Maturity is characterized by slower sales.)
More recently, companies concerned with the level of their carbon footprint have turned to life-cycle analysis to help them calculate their anticipated use of resources. In this instance, the life-cycle analysis is accompanied by an evaluation of material flows and consumption of water and energy.
This model is not used when there are well-defined variables that indicate the extent of the remaining useful life of a product. In this case there are standards, which are used to calculate replacement periods; for example, the manufacturer’s recommendations for wearing parts in a piece of equipment.
PLC: Structure and Description
As mentioned earlier, the theory behind the PLC is that a product, like a person, has stages to its life. Because of the existence of products like Coca-Cola (launched 1886) and Bisto (1908), we are not absolutely certain of what constitutes a lifetime.
Figure 27.1 Product life cycle and adoption cycle
Source: Stevens n.d.
The model displays the life cycle (illustrated by turnover or sales) through development, launch or introduction, growth, maturity, and then decline, perhaps even withdrawal (Figure 27.1).
Stevens (n.d.) has linked the consumer adoption curve to the stages of the PLC, showing the relationship of the life-cycle curve to that of the adoption curve.
PLC: Strategic Considerations
The key to using the PLC model is that elements of the marketing mix need to be adapted to take account of the life stage of the product. The objectives and role of the marketing mix elements change with the life-cycle stage.
As a product reaches maturity, a marketing team needs to decide whether they will introduce a product modification to extend the growth stage of the product, or allow it to go into decline. For example, Surf is a washing powder brand that became Surf with Superblue, emphasizing the ability of the product to wash whiter than its competitors. Naturally, the product acquired little blue particles as evidence of the change.
In addition, account needs to be taken of the psychological makeup of the different categories of consumers. The characteristics of users of the product also change with the PLC. On launch, the product will attract the so-called innovators and early adopters. Thereafter growth will be fuelled by the early majority, and finally the late majority and laggards.
The PLC model is also a tool for innovation and sustainability planning. If the product portfolio is made up of a majority of products that are in maturity, this will be an urgent signal for acquisition (by any means) of new products, which have the potential to generate the volumes of sales required to sustain and develop the organization.
PLC: Implementation
Research and Development
During this stage, researchers are going to establish what the product is, how it works, and what benefits it offers. Marketing will need to know the product concept, and preferably have a prototype if it is available. Parameters need to be specified as to how it operates, benefits, what it costs to produce (even though target pricing may be totally unrelated to the cost), when it will be available, the intended distribution channels, and the envisaged target market (again, if there is any idea of who will use the product or who it will appeal to).
As we can see, the data that needs to be collected relates to the definition of the target market and their acceptance of the product concept. Research on the potential market will consider all the factors found in the Consumer ResearchGm section found in the glossary.
New products will require marketing activity to launch them and build awareness of the brand. For this section of the life-cycle, researchers will probably need to introduce Advertising ResearchG into the information gathering strategy.
Introductory Stage
Tracking of the performance of the launch and the reaction in the market are the relevant information needs at this stage of the PLC. Sales metrics are crucial. The astute marketer will already have in place a system to monitor sales in total, by area; by product line; by product size; by branch; by outlet, customer, or both; by sales consultant; by target market; or by whatever is key to the success of the organization.
The launch product will become a particular focus of this system. It is important to combine the metrics with consumer studies that monitor whether people have tried the product, and then whether they buy it again. The company does not want to be fooled into thinking that sales are going well when they are not actually moving off the retail shelves (see also the adopt and drop model).
Whilst the marketing department is engaging in talk shows, obtaining shelf space and spending relatively heavily on promotions to gain product and brand awareness, use studies and reasons for initial purchase are also needed at this stage of the model. The promotional activity will be directed at the early adopters, that is, the people who like to be the first to try anything new on the market. You will have already established who the influencers are for the product, and make sure that you are able to use them as a reference point to encourage the early majority of consumers to buy.
There is an interesting phenomenon in adoption. In high-tech products that are disruptive in nature (i.e., require a change in behavior, habits to adopt them, or both), it has been shown that there could be a chasm that has to be bridged between the early adopters and the early majority. That is, motivations for purchase are so different that the early adopters need additional information and confidence to take the step and adapt to the new way of doing things.
At this early stage, it is also important to monitor competitive reaction (for example, you will expect to see them launch an increased level of advertising, promotions, and discounting). Differences in sales expectations need to be explained and this type of activity will influence total penetration and growth achieved by the fairly new product.
Growth Stage
If a new product has correctly identified a viable market, the fast growth can be expected to attract competitors to participate. Hence, apart from regular consumer studies, the monitoring that is required is to understand how competitors are trying to make inroads; whether consumers will switch to different suppliers, and why.
Sales monitoring is important to track the rate of growth, and be able to identify if the product is moving into the next maturity phase of the life cycle. For some products, it will be many years before this happens. For others (technology, fashion items, and fads), the mature stage will be reached in a shorter time period.
The type of research that needs to take place now is to see what types of product adjustments or line extensions will add a new lease of life to the product when it reaches maturity. Is it a flavor variant (even Coca-Cola has gone there), or a change in formula and product performance that will push the curve back into a growth phase?
Of course, growth can be achieved by exploring new markets (refer to Ansoff for required information) or by repositioning the product to appeal to a wider market.
Maturity
Allocation of marketing resources is the strategic issue at this stage of the PLC. Should time and adspend be given to a product where the sales are unlikely to respond to the additional attention? What needs to be established by the researcher is whether the product has another role within the portfolio. Do the sales of other products depend in any way on the availability of the mature product? Does it act as a buffer against market entry of other competitors? Does the product occupy shelf space that would otherwise be taken up by a more profitable line? Or does it provide consumers with another opportunity to see the brand?
Can any of the stimulation measures developed in the growth stage be applied to rejuvenate the product and its contribution to the company coffers?
Decline
At this stage, the question becomes: Do we stop production, or let the product amble along within the portfolio? The answer to this question lies in a cost–benefit analysis that weighs the role of the product against the financial benefit to the company. Does the stockholding, management time, and other absorption of resources warrant keeping the product alive?
PLC: Conclusions
It is difficult to define the shape of the life-cycle curve and a product’s position on it (for example, technology products move faster through their life than household goods). The curve is just one tool in the overall assessment of the profitable life of a product. Marketers need to view sales figure trends; they will monitor information from the market concerning consumers’ use of and attitude to the different competitive products; they will follow technology, and keep in touch with consumers’ changing needs to anticipate when the product is past its sell-by date.
Crucially, recognizing the changes required in the marketing mix plays a huge part in extending the returns enjoyed from consumer brands and products.
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