The following descriptions summarize some of the Promotion Mix options at different stages of Product Life Cycle (PLC). It is suppose to help you figure out how to promote a product in different phases of its life.
Stage of life cycle: RESEARCH AND DEVELOPMENT (R&D)
Promotional options: No promotion at this stage as product is not on the market yet.
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Stage of life cycle: LAUNCH (INTRODUCTION)
Promotional options: Informative advertising to make consumers aware of the product’s existence, price and main features. Sales promotion offering free samples or trial periods to encourage consumers to test the product. Incentives may need to be offered to the trade to stock the product.
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Stage of life cycle: GROWTH
Promotional options: Continue some informative advertising, but the focus may now move to brand building and persuasive advertising. Sales promotion to encourage repeat purchase. Attempt to develop brand loyalty.
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Stage of life cycle: MATURITY & SATURATION
Promotional options: Advertising to emphasize the differences between this product and competitors may be needed to remind consumers of the existence of the product. Sales-promotion incentives to encourage brand switching and continued loyalty.
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Stage of life cycle: DECLINE, while assuming no extension strategy
Promotional options: Minimal advertising, apart from informing consumers of special offers. Sales promotion. There may be little additional support for the product, if the intention is to withdraw it.
