PLC

What is the main marketing objective in the introduction stage?

Create product awareness and trial

What is the main marketing objective in the growth stage?

Maximize market share

What is the main marketing objective in the maturity stage?

Maximize profit while defending market share

What is the main marketing objective in the decline stage?

Reduce expenditure and milk the brand

What type of product is offered in the introduction stage?

Offer a basic product

How does the product strategy change in the growth stage?

Offer product extensions service and warranty

What is the product strategy during the maturity stage?

Diversify brand and models

What happens to weak products in the decline stage?

Phase out weak items

What pricing strategies are commonly used in the introduction stage?

Penetration and skimming pricing

How is pricing handled during the growth stage?

Price adjustment

What pricing strategy is used in the maturity stage?

Price to match or beat competitors

What happens to price during the decline stage?

Cut price

What distribution strategy is used in the introduction stage?

Build selective distribution

How does distribution change in the growth stage?

Build intensive distribution

What distribution strategy is used in the maturity stage?

Build more intensive distribution

What happens to distribution channels in the decline stage?

Go selective and phase out unprofitable outlets

What are the main promotional goals in the introduction stage?

Increase brand awareness and offer trials

How does promotion change in the growth stage?

Continue strong campaigns with slight changes in communication messages

What promotional strategies are used in the maturity stage?

Apply promotions and discounts and maintain brand awareness

What happens to promotion in the decline stage?

Reduce to a minimal level