Lesson 6 - PLC

Learning Objectives :

a) What is PLC?.
b) How it can be used in marketing/product management.
c) Intellectual Property and its importance.


What is Product Life Cycle?
a) a marketing tool.

What are the four stages in PLC ??? IGMD

What are the characteristic of a product in each stage. (See 6P)
ie what is the sales/profit/competition/customer behaviour like in each stage

eg : Introductory stage : expect sales to be low (why- bec, just introduce, low awareness) therefore, expect : low or negative profit

For each stage, what is the marketing strategy needed for each P.

Eg : at introductory :

Pricing : skimming (if need to recover cost and not much competitors) or penetration (if strategy is to gain market share and increase market entry barrier for competitors)

Place : (distribution): exclusive/niche

Promotion : to reach early adopters

Product characteristic : basic features.

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What are the benefits and limitation of PLC??

- eg : it can be difficult to project the PLC is going to be like.

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Important : don't just undertand, what is PLC, need to know why (ie to understand the product behaviour) and then APPLY what you know (IMPORTANT - see 6P for application eg.)

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IP - what are the 3 forms?
when to apply for which one?

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