Product life cycle, popularly known as PLC, is one of the important principles of marketing. One must appreciate the fact that PLC plays an important role in marketing efforts, even if the product belongs to small business operations.
PLC essentially means that every product has life, and it is synonymous with that of a human being. Human being is born, becomes young to grow as an adult and then dies. Product is launched, its sales volumes grow and then the product has to be withdrawn form the market. This happens due to constant changes in technology and consumer behavior. Radio used to be the most premium possession for a household sixty years back. It was replaced by television. Same applies to horse or cart, replaced by automobile. Life style changes and technological breakthroughs ensured that old products are replaced by newer ones.
Is there a way when an old product can be revived? How does one manage the products in this dynamic marketing environment? More on this tomorrow…
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