1. Product Life Cycle
Decision Point

2. Traditional Product Life Cycle

3. Traditional PLC Introduction
When a new product is launched into the marketplace…the birth of a new product
Very expensive (warehouse space, new packaging, labeling, production equipment, market research costs etc.)
Marketing efforts are focused on selling to the early adopters (first consumers)
Will use either a PUSH strategy (efforts are focused on product placement in stores) or PULL strategy (use advertising to forge a +ve association with the product in the consumers mind)

4. Growth
Word of mouth advertising is crucial at this stage, product must be visible
Companies will advertise heavily at this stage
The product will either catch on or fail

5. Maturity Sales of a product increase much slower
Marketers keep the name of their brand visible
Invest little $ in new advertising, while original promotional mix is less frequent
More chance for profitability because costs are low

6. Decline
Happens when a company is unable to find new customers for their product(s)
Marketers will try various tactics to get out of this stage
(re-design/re-package/re-price)

7. Decision Point Stage
Marketers make important brand management decisions regarding the products future
Usually involves new promo and new pricing (example: Cow Brand baking soda made a market shift to focus on a product that removes odors from freezers, litter boxes etc.)

8. Nontraditional PLC’s FAD
A product, service or idea that is extremely popular for a very brief period of time
Becomes unpopular just as quickly, vanishing soon after it’s introduction to the marketplace
When fads die, businesses run the risk of being caught with large amounts of unwanted inventory
FAD

9. NICHE A small section of the market that a product dominates
Because the market is so small, there is little competition
Example: the Pet Hotel in Peterborough, Ontario is a niche market because there are not enough consumers to make the market attractive to competitors, however the market is large enough to be profitable.
NICHE

10. Seasonal
The impact that seasonal changes will have on the life of a product will depend on the product (I.e. Ice ceam parlours)
Marketers of seasonal products and services anticipate periods of high and low demand
These companies will work extra hard to create demand outside the peak season.