Can You Explain The Concept Of PLC As A Tool For Market Cultivation?

The concept of PLC is very important for market cultivation. It has four stages i.e Introduction, Growth, Maturity and Decline. The product sales are low in the introduction stage, are growing in the growth stage, reach their maximum in the maturity stage and after that they start to decline. The concept of PLC can do wonders in cultivating the market share. At the first stage emphasis is laid on branding, quality, intellectual property protection, building market share, and promotion. At the growth stage emphasis is on maintaining product quality, price, establishing distribution channels, promotion for broader audience. At the Maturity stage product features are enhanced, prices are lowered, intense distribution and promotion. During the last stage,it is known that the product has only a few years left so emphasis is on maintaining the product and harvesting. In worst cases product production is discontinued.

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Marketing Strategy Development is the outcome of marketing mix elements. Explain the relationship with two suitable examples

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