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Marketing Management | "Challenges in Creating Brand Equity for Products with Short PLC"

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Challenges in Creating Brand Equity for Products with Short PLC
(Product Life Cycle)

- by Saikat Dey & Madhulika Verma *

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Page - 2

Introduction

Product Life Cycle

Product Life Cycle, commonly referred to as PLC, can be defined as the various stages a product undergoes during its lifetime, with each stage giving an insight into the product and market development so that the product can be successful in a very holistic way.

The PLC curve is bell-shaped and is divided into four stages: -

According to Philip Kotler, a company's positioning and differentiation strategy must change as the product, market and competitors change over the PLC. This is the basic idea as to why one should know about the product life cycle.

The rationale behind companies launching products with short PLC can be attributed to the following reasons: -

  • Fast paced changes in technology and demands always keep a company on the move. A company, therefore, has to upgrade its product even with a slight change or a shift in consumer's demands.

    Next

    * Contributed by: -
    Saikat Dey & Madhulika Verma,
    ICFAI Business School, Gurgaon.

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