PLC

1. Introduction Stage:

 Activity: Market Research and Strategy Planning

 Conduct thorough market research to understand your target audience and their
needs.

 Develop a marketing strategy focused on creating awareness and gaining initial

market traction for your new product.

2. Growth Stage:

 Activity: Scaling and Customer Engagement

 Identify the areas where the product is gaining traction and allocate resources to
scale production and distribution accordingly.

 Engage with customers to gather feedback and make improvements to the product
based on their suggestions.

3. Maturity Stage:

 Activity: Differentiation and Cost Management

 Focus on differentiating your product from competitors through unique features,

packaging, pricing, or customer service.

 Optimize production and operational costs to maintain profitability as competition

intensifies.

4. Decline Stage:

 Activity: Product Exit Strategy and Portfolio Review

 Evaluate the reasons for the product's decline, including changes in customer
preferences or technological advancements.

 Decide whether to discontinue, liquidate inventory, or innovate and reposition the

product for a potential relaunch.

 Review your product portfolio and reallocate resources to more promising products
or new product development.