A Comparative study of product life cycle and its marketing applications

Abstract

In this paper we explain the product life-cycle models that studies a set of strategic choices facing manufacturers as they design the product/service bundle which may require maintenance and repair support after its sale. Traditional market analysis relies on purely macroeconomic and political factors and fails to account for an emerging market's dynamism and future potential. The objective of this paper is to present all composed product life cycle (PLC) specific to the assessment of emerging markets at domestic and international expansion opportunities. Based on the literature pointing out the product life cycle in domestic and international markets with graphic presentation and models the need for a specialized composite and comprehensive approach, additional criteria are introduced to assess emerging market potential. Emerging markets provided the rationale for the product life cycle in dealing with common product life cycle (FMCG), retail PLC, industrial products PLC, services PLC, engineering PLC and international PLC criteria. Marketing with PLC philosophy gives insights to practicing managers to follow the options and make visionary decisions for products they are dealing with. Composite PLC has been overlooked in literature and this paper will fill the gaps by collective study on five market conditions.

Keywords: product life-cycle, marketing

DOI: 10.7176/JMCR/63-06

Publication date: December 31^st 2019