| Product Life Cycle Rejuvenation – Maximizing Your First Movers Advantage |
The Product Life Cycle describes the life path of a product. All products go through four stages, namely the Introduction, Growth, Maturity & Decline stage. Every product has a life cycle, some of which has potential for product life cycle rejuvenation.
For multiple products, the marketer’s task is more complex as he or she needs to map the various life stages of each of the products to stagger and phase them across the product universe in order that each product life cycle is fully optimize for cash generation across the business horizon.
The Product Life Cycle Analysis is a fluid document which needs to be revisited annually for planning purpose. Most product life cycles do not follow a straight path, and various business and political factors could cause less certainty of the product living through its life stages as planned.
As a prudent marketer, you should pro-actively look to rejuvenating the life cycles of Cash Cow products, in the BCG matrix, at their matured and declining stages.
Product development ideas could be generated from the perspective of enhancing or changing the product features, adding new usages for the product, enhancing the product manufacturing process, product packaging technological innovation, creative and unique channel delivery process etc.
Baking soda, a product traditionally used for baking cakes and facing decline stage in the product life cycle has taken an innovative twist of fate for the good. Product development and marketing departments worked together to discover a creative and very practical new usage of utilizing baking soda as an odor-removing agent. The rest is marketing history and sales have rejuvenated leap and bounds since.
As a smart marketer, you must carefully weigh the pros and cons of product rejuvenation. The ultimate decisions whether to rejuvenate a product and extend its life cycle depend largely on costs associated with the process as well as the ability of your company to successfully re-position the rejuvenated product and convince potential customers of their extended usages and value add.
Yoshiko Choy is an avid internet marketer, has 17 years of business & marketing experience in Locals & MNCs and holds an Executive MBA. Read more about this topic or Business & Marketing Management Trends at http://www.BusinessFast4ward.com . Learn the latest Online Niche Marketing Product Reports and Strategies at http://www.OnlineNicheMarketing.org .
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