What are the different types of product life cycle strategies?

The life cycle of the product is something that is usually in the forefront of the company's marketing plan, as this plays an important role in the company's ability to effectively sell the product and uses its sale as a source of competitive advantages on the defined market. The product life cycle is a term used to describe identifiable phases in the life of the product, from the beginning of such a product to the day when it ceases to fulfill the reason why it was created, leading to its withdrawal from the market. Different types of product life cycle strategies relate to those that can be used to handle the usual product life cycle to create a different result. This is derived from the fact that the product usually goes through five processes that start from the date on which such a product is introduced to the market to increase it and a possible decline.

An example of an application of the product strategies of the product is a deliberate attempt by a merchant or manufacturer of the product in question to make minimal changes in the design or packaging of the productthat is already beginning to deal with declining sales. This is done as a means of reviving the interest in the product and subsequently extending the product life cycle beyond what it would be without such a strategy. Such a product life cycle strategies can be seen in the mobile phones industry where the telephone company could easily increase pixels on the camera of the popular mobile phone, in addition to increasing the size of the screen and other minor changes that revive the interest of consumers on the phone.

Further use of the product life cycle strategies can be seen when companies embark on massive promotions to revive the interest in a product that could achieve the phase of the decline in its life cycle. For example, a mobile phone should offer consumers different prices for the purchase of a phone, or they can make raffles draws in their efforts to change the product life cycle for their favor. Some companies also seek to win market segments or demography that were not part of itThe initial marketing goal to expand their customer base and also ensure that the product maintains its relevance for a longer time.