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The life cycle of a product is something that is usually at the forefront of the marketing plan of a company since this plays an important role in the ability of the company to effectively market the product while utilizing its sale as a source of competitive advantage in a defined market place. A product life cycle is a term that is used to describe the identifiable stages in the life of a product, starting from the inception of such a product to the day it ceases to fulfill the reason for which it was created, leading to its withdrawal from the market. The different types of product life cycle strategies refer to those that may be applied to manipulate the usual product life cycle in order to create a different outcome. This is derived from the fact that a product usually goes through five processes that start from the day such a product is introduced into the market to its rise and eventual decline.
An example of an application of product life cycle strategies is a deliberate attempt by the marketer or the manufacturer of the product in question to make some minimal changes to the design or packaging of the product that is already starting to experience dwindling sales. This is done as a means of reviving interest in the product and consequently extending the product life cycle beyond what it would have been without such a strategy. Such product life cycle strategies can be seen in the mobile phone industry where a phone company might simply increase the pixels on the camera of a popular mobile phone, in addition to increasing the screen size and other minor changes that will revive the consumers' interest in the phone.
Another application of product life cycle strategies can be seen when companies embark on massive promotions to rekindle interest in a product that may have reached the decline phase of its life cycle. For instance, the mobile phone company might offer different prizes to consumers for buying the phone, or they may conduct raffle draws as part of the efforts toward altering the life cycle of the product in their favor. Some companies also try to win market segments or demographics that were not a part of their initial marketing target in order to extend their customer base and also make the product retain its relevancy for a longer time.
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