What are the different stages of a product life cycle as well as strategies to keep for every phase? (500 words)

PLC Stages and Strategies According to the Product Life Cycle stages of products offer certain marketing strategies depending on where they are in their life cycle or PLC.

Introduction Stage
- Product has been launched and growth is not so soaring any more as customers learn about it.
- Marketing is typically high and the promotion is informative, placing customers to learn something
- Distribution will initially market the product to early adopters and educate them on product features.
- Invest in new products and marketing initiatives for boosting the growth of the company.

Growth Stage
- A steep rise in revenue and the profits.
- With the aim of larger distribution, pricing is settled to fuel more growth, promotions point out product benefits.
- Such a network allows for wider reach to make a product available to the rapidly growing customers population.
- Develop the production basis and the inventory.

Maturity Stage
- Sales beget further sales, and the initial high rate of growth falls short or stabilizes as the majority of the target customers have bought your product.
- Pricing is cost-based and focused on maintaining current market share, promotion concentrates on features that make our brand distinct.
- Distribution vision gets maximum online and offline availability through wholesale stores and retail networks.
- However, a company should invest in product enhancement, marketing tweaks for retaining loyalty.

Decline Stage
- As choices for customers become more diverse and they seem to constantly be looking for innovation; sales and profit levels start to decline.
- It should be sustained with loyal base incase it can be maintained.
- Marketing purposes entail the utilization of intellectual property to influence loyalists by bringing back the nostalgia, whereas distribution becomes more careful and selective.
- The focus should be on reducing expenses and increasing revenue from the company’s dedicated customer base or on reducing expenditures and increasing income of the loyal clientele group.