Extending Product Life Cycle Stages: Exploring the Product Life Cycle Model and Ways to Extend the Life of a Product

Abstract

The Product Life Cycle Model (PLC Model) is a relatively new theory which identifies the distinct stages affecting sales of a product, from the product's inception until its retirement. Companies that successfully recognize these stages and subsequently apply a custom Marketing Mix (combination of product, pricing, promotion, and place [distribution] activities) at each stage, are able to sustain sales and defend or win market share. By deliberately extending the length of time spent at each of the PLC stages through different tactics, companies are also able to realize much of the revenue potential a product can offer. This chapter introduces the PLC Model, and its merits and faults are addressed. Considerations, ways, and reasons to extend PLC stages are explained. Examples are provided to show how product planning and product marketing strategies can be used at different PLC stages to help establish market dominance and drive sales. This chapter relates to consumers and consumer goods. Consumers are individuals or households that buy and use goods and services created by industries.