Quick Introduction of PLM
The Product Lifecycle Model is a classic framework used in marketing and business to understand how products perform over time.
It was popularized in the 1960s by Raymond Vernon in international trade area initially, then the lifecycle concept was widely adopted in product and brand management because it helps companies make better decisions at each stage of a product’s life.
Overall speaking, the Product Lifecycle Model (PLM) breaks down the natural path most products follow—from launch to growth, maturity, and finally decline.
It provides clear guidance for product, marketing strategies, and financial expectations in each stage. And we will cover these points in this article.
PLM & Marketing Strategy In Each Stage
The Product Lifecycle Model is divided into four stages. Each stage has unique features, goals, and marketing strategies.
Introduction Stage
Features: The product has just entered the market. Brand awareness is low, sales are small, and costs are high due to product development and promotion.
Goal: Attract early adopters and build initial market share.
Marketing Strategy
- Focus on raising awareness and encouraging trial.
- Introduce the product and highlight its value.
- Focus on promotion and education.
Become a member to read the full content
This framework is available to members only. Upgrade to unlock the content instantly.
Template
Turn theory into action with our Product Lifecycle Model template.
Available in the Templates
Go to Templates to download the resource.
