Real-Time Marketing for Business Growth: How to Use Social Media, Measure Marketing, and Create a Culture of Execution

50. Product and Service Strategy

All products go through four distinct stages, called product life cycle (PLC) stages. Each step presents its own opportunities and challenges that should be addressed in your marketing strategy. It is important to correlate strategies according to the PLC stage because each stage presents different revenue and profitability implications, and places very different demands on the sales, marketing, operations, product, and supply chain departments of an organization. This section will outline issues and their corresponding implications to take into account as you develop product and service strategies.

Product Life Cycle Stages

Introduction: As new products are introduced, sales tend to be slow (but not always). ...