What are New-to-the-World Products?
Effective marketing plays a key role in the successful introduction of new-to-the-world products, given the novelty and distinctiveness of these offerings.
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Make the PLC: A Free Excel Template
The product life cycle template for Excel – available for free downloadOften students want to graph multiple products onto the product life cycle using an Excel spreadsheet or some other charting approach. Perhaps surprisingly, this is sometimes awkward to produce easily, given the focus on the Excel spreadsheet to produce graphs rather than images.Therefore, in
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New Products and the PLC
As it is possible to use the product life cycle as a portfolio analysis tool, which allows us to consider whether we have adequately provided for the future profitability for the firm/brand, it is an obvious that there is a strong connection between the product life cycle and the firm’s new product development requirements.Obviously virtually
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Marketing strategy approaches for each stage of the PLC
Marketing mix strategies during the introduction stageOffer a basic product with limited choices, as this also helps test the overall market demand/interest, while keeping costs and logistic challenges relatively lowUse marketing communications (IMC/promotion) that are effective in generating initial awareness and reaching innovators. Often specialist websites/blogs and magazines provide a specific audience, as well as
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Criticisms of the Product Life Cycle (PLC)
While the product life cycle model is a very helpful tool for helping to understand current and potential market conditions, in order to develop appropriate marketing and competitive strategies, there are some limitations and concerns with the usage of the PLC.Firstly, not all new products will be successful. That means that for many new product
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Should we cannibalize our own products?
One of the challenges of a mature market in the PLC is that, more than likely, eventually the firm will be faced with competition from new style of product. That is, the most significant competitors are going to introduce technology that is quite different in their design/features (while meeting the same underlying consumer need). For
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What stage of the PLC are we in?
In order to assess where a product is on the PLC curve, a multiple of factors can be considered, including:Sales to date, graph accordingly, to visually demonstrate any turning points from introduction to growth, and so on,The number of competitors entering/leaving the marketplace (competitors enter in growth and leave in decline),The number of retailers and
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Consumer Adoption Categories
This website has discussed consumer innovators numerous times, due to their importance in generating product adoption and kick-starting the introduction phase of the product life cycle. While innovators are the initial type of consumer, there are other consumer mindsets that are typically discussed in marketing textbooks.The standard consumer adoption categories include:InnovatorsEarly adoptersEarly majorityLate majorityLaggardsTypically these
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Connecting the Product Adoption Process and the PLC
There is a strong relationship between the product adoption process and the product life cycle. Both consider new to the world products – the product adoption process considers the “stage” that the consumer is in relative to the product – whereas the product life cycle model will track sales (and indicate distinct market conditions), depending
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The Product Adoption Process and the PLC
Underpinning the pattern of sales in the product life cycle is how consumers adopt new products. Not all new products are successful, indeed, most new products will fail. For example, even Apple has its fair share of failed products.As we know, the product life cycle moves through four distinct phases of introduction, growth, maturity and
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