Managing product life cycle
Every product has to undergo different stages of product life cycle, but it is very important to manage the product across different stages of the product life cycle. Given below are the different marketing characteristics and the behavior of each across different stages of the life cycle.
Introduction stage 
Sales- low sales of the company
Profit – marginal or loss of the firm
Strategic thrust- market development strategy is used
Customer target – non-users, innovators
Competition – few, less known due to new development of product
Differential advantage – superior performance, new benefits offered to the customers
Product – unique offering in the product range
Price – low or premium to attract the customers
Promotion – incentive to use
Advertising – awareness building of the product
Distribution – build network to gain access to channels
Growth Stage
Sales- fast growth in the sales of the company
Profit – rapid rise in the profits of the firm
Strategic thrust- market penetration strategy is used
Customer target – form new segments of the customers to target
Competition- intensive growing with time due to the popularity of the product
Differential advantage- unique brand name, corporate identity of the product offering by the firm
Product- improvement on early innovation made during the introduction stage
Price- low with high volume to gain attention of the customers
Promotion- heavy to spread awareness in different markets
Advertising – brand name, performance focussed
Distribution – fast spread out due to increased demand for the product range being offered by the firm
Maturity Stage
Sales- slow growth in the sales of the company
Profit- falling margins and less revenue generation
Strategic thrust -defend share
Customer target – shed segments
Competition- many efficient ones since product start losing its importance with time
Differential advantage- price, unique service delivered
Product -different variety of products
Price- maintain margin
Promotion- parity, loyalty formation to reduce efforts in getting new customers which is difficult
Advertising – value for money focussed
Distribution – choose specific territory according to competition
Decline Stage
Sales -decline in the sales
Profit- low margins and less revenue generation
Strategic thrust -cut cost or withdraw the product
Customer target – selective, explore new market
Competition –limited since product has lost its uniqueness
Differential advantage – business experience, low cost producer
Product- rationalize range of products being offered
Price -smaller margin
Promotion -threshold level for reminder in order to regain the similar awareness
Advertising –rationalize approach
Distribution – limited coverage or enter new market
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