Product Life Cycle: The Key FactProduct Life Cycle: The Key Fact https://jesandy.com/wp-content/uploads/2013/02/Product-Life-Cycle-Key-Fact.jpg 454 340 Jesandy https://secure.gravatar.com/avatar/8c9037a9da34ef445aae8a9595367081?s=96&d=mm&r=g
I’ve seen most of the time, people tend to skip the idea that Product Life Cycle (PLC) is one of basic tools if you working in brand and marketing environment. And here’s the key facts and reasons why PLC will be great help for enhancing your product performance (Before you start reading this article, it is advisable you have a good understanding about Product Life Cycle (PLC) or you might read this):
- Every time Before Launching New Brand ask yourself first, ask your Confidence Level about them, How comfort are you to launch the product, are you satisfy enough and if you find there are still black holes or any kind of clumsiness, go find and fix them. Your brand institution are playing role now, it is base on your experiences though. Retreat or Launched, and put 100% efforts in a way to create successful brand
- Every levels on the product life cycle are connected, your planning and strategy from previous phase(s) will be determined your success or not for continuing on the next level.
- Pricing strategies on each level can be covered up with how big your value is, (Price vs Value law). Setting the Price are dependable, it’s just matter how high or low your customers will received your value. Instead it will not only reflect based on the price only but also the “permission” to enter every PLC’s phase. Set up the price in coordination with the other 4ps and avoid the “price war” effects are advisable.
- The PLC method may have a weakness because uncertainty of the product itself was so unpredictable, but the PLC is just one tool and there are so many guides or other tools that will work on your business plan. It’s not a race to define which level your product belong or sales forecasting, but most of the time PLC has helped building the sense of warning and how to deal with it for every decisions.