The Product Life Cycle PLC describes the life path of a product. All products go through four phases, namely the Introduction, Growth, Maturity & Decrease phase. Every product has a life, some of which have potential for rejuvenating a product’s life cycle.
For multiple products, your job as a marketer is more complex because you need to map out the different life stages of each of the products to spread them out and phase them across the product universe so that each product’s lifecycle is fully optimized for cash generation the business horizon.
The PLC analysis is a fluid document that must be revised annually for planning purposes. Most PLCs do not follow the straight path, and various business and political factors can make the product, as planned, less likely to go through its life stages.
As a prudent marketer, you need to proactively look at rejuvenating the life cycles of Cash Cow products, in the BCG matrix, in their mature and declining stages.
Product Rejuvenation Ideas can be generated from the perspective of improving or changing the product properties, adding new applications for the product, improving the product production process, product packaging, technological innovation, creative and unique channel delivery process, etc.
Baking soda, a product traditionally used for baking cakes and falling into disrepair in the PLC, has brought an innovative twist to fate. Product development and marketing departments worked together to discover a creative and very practical new use of the use of baking soda as an odor remover. The rest is marketing history, and sales have taken a leap forward ever since.
As a smart marketer, you need to carefully weigh the pros and cons of product rejuvenation. The final decisions to rejuvenate a product and extend a product’s lifecycle largely depend on the costs associated with the process, as well as your company’s ability to successfully reposition the rejuvenated product and target potential customers. convince of their extensive use and added value.