Product Life Cycle

Abstract

In many marketing-related concepts, the idea of a product life cycle creeps in occasionally. How does a marketing plan evolve from the often high profile product launch, to support sales growth and maturity? How is the concept of the Product Life Cycle (PLC) useful for marketing? These are the core questions of this lesson. The lesson introduces the concept of the Product Life Cycle and familiarizes students with how this concept impacts the marketing mix. The lesson begins with the Apple iPhone commercial, a smartphone that was introduced in the market in 2007. The class then analyzes the iPhone’s Product Life Cycle. While the limitations and variations are noted, students are also asked to consider how the concept of the Product Life Cycle can be useful while designing the marketing strategy, particularly the 4Ps.