The Product Life Cycle (PLC) is the path a product takes from its inception to its decline. It describes the stages that a product goes through as it is introduced into the market place (introduction), grows in sales and profitability (growth), eventually reaches peak sales (maturity), and then declines (decline). Each stage requires different marketing strategies, and these strategies are informed by how consumers use the product, how they respond to the marketing messages, and competitor brands’ actions.
The product life cycle (PLC) is a well-known model for the evolution of any product. It is frequently used by marketing managers to help them organize their actions, and perhaps most importantly to avoid acting too early or too late in the PLC. All product, be it a new car model or a new mobile device or a new pharmaceutical product undergoes a life cycle. This life cycle is similar to the human life cycle and involves various stages. Each stage of product life cycle has been given a name as in human life cycle.
Data collection is a key role for marketing research in the product life cycle.
The first step in data collection is to determine which data is needed. This may require a close examination of the product and its target market. The second step is identifying where that data can be obtained, and how it can be collected.
In the product life cycle, there are several phases that a company goes through. The first phase is the introduction stage. During this time, a company will be working on developing and marketing its product.
The second phase is known as the growth stage. This is when sales begin to increase for the company’s product. The third phase is known as maturity; this is when sales begin to slow down for the company’s product. The fourth and final phase is known as decline; this is when sales start to decrease for the company’s product (Dutta & Pant, 2018).
For marketers who are trying to create products that will succeed in their market, it is important for them to understand how these different phases work together so that they can make sure their products remain relevant throughout all of these phases. One way that marketers can do this is by using marketing research techniques such as focus groups and surveys.
Generating Information and Ideas
The role of marketing research in product life cycle is to generate information and ideas. This can happen in several ways.
First, marketing research helps companies understand what their customers want. By using surveys and focus groups, companies can learn what kinds of products people like and which features are most important to them.
Second, it helps companies figure out how to sell their products. When a company knows its customers’ needs, it can create ads that speak directly to those needs. It can also find out what kind of language appeals to different audiences and use that information when creating product descriptions or sales pitches.
Third, marketing research helps companies determine whether they need to make changes to their products as they move through the product life cycle (PLC). For example, if sales are slowing down halfway through a product’s life cycle because there’s a competitor on the market with more appealing features or lower price point, then marketers may need to come up with an effective strategy for countering that competitor’s advantages before it’s too late!
Marketing research is used to generate information and ideas about the product, market, and customers for a product. Marketing research provides information that can help managers make better decisions about their products.
Marketing research is a crucial part of the product life cycle. It is used to determine whether or not a product or idea will be viable in the market, and to assess its strengths and weaknesses. Marketing research can help you evaluate:
-The characteristics of your target customers
-The needs of your target customers
-The wants and desires of your target customers
-How much they are willing to spend on your products or services
The first step of marketing research is to appraise the data, which means to make sure that all of the information that you collect is correct and useful. If you are gathering information from a survey, for example, you want to make sure that you ask questions that can be answered with yes or no answers. If people cannot answer your question with a simple yes or no answer, then they will not be able to provide an accurate response.
It’s also important to make sure that all of the information that you are collecting is relevant; if there is any question about whether or not a piece of data will be useful for future use, then it should probably not be collected.
Using Data to Make Decisions
Marketing research is an important part of the product life cycle. It helps you make decisions about what kind of product to create, how much to charge for it, how much inventory to keep on hand, and how much money you’ll spend on advertising.
Marketing research can help you make decisions throughout the product life cycle.
In the introduction stage, market research helps you to understand the market, including who your customers are and what they want.
When you’re in the growth stage, marketing research helps you to refine your product so that you can reach more people.
In the maturity stage, marketing research helps you to keep track of customer preferences and make sure that your product is evolving with them.
When it comes time for a new product launch or an update on an existing one, marketing research will help you determine whether there’s a need for change and how much of it should be made.
Marketing research is a key part of executing strategy. It helps you understand your customers and their needs, so you can create a product that will resonate with them.
Without marketing research, you are at risk of launching products that fail to meet the needs of your target market. When this happens, you end up with a product that doesn’t sell well and ends up costing your company money.
By conducting market research before launching new products, you can ensure that the marketing initiatives for these products will be effective and generate sales.
Marketing research plays a crucial role in the execution of strategy. It provides the data that helps you understand what your customers want and need, which is essential for determining how to best meet those needs.
This information can help you determine how to market your product, how to price it appropriately, how to advertise it effectively, and which distribution channels are most likely to reach your target audience.
Without marketing research, you won’t have any idea what kind of messaging will resonate with your potential customers or why they’re interested in purchasing your product. And without knowing these things, you won’t be able to position yourself competitively against other companies selling similar offerings. The role of marketing research in product life cycle is to provide a clear, comprehensive picture of the market and customer needs. It helps companies understand the customer’s perception of their brand and their offerings. Marketing research also helps companies improve their products and services by providing feedback from customers, which can inform the decisions they make about what to offer, how much to charge, or how best to promote their offerings.
Takeaway: Marketing research is an important factor for every stage of product life cycle.
Marketing research is actually necessary for every stage of the Product Life Cycle right from the concept development stage till the post launch marketing stage. Marketing research makes possible that all facts and figures in the form of data which are generated at various stages of product life cycle are transferred to productive use so that they convert into sound marketing actions. A process of marketing research is an important task and as a part of this research, it has potential to fulfil key roles in the Product Life Cycle. The main purpose of marketing research is to seek out the latent needs and wants of the customers with respect to certain products or services so that appropriate strategies can be applied for fulfilling the demand.