Review the five stages in the product life cycle (PLC). Select products that fit into each of the introduction, growth, maturity, and decline stages, and support your reasoning using the summary of key characteristics in Table 8.2. What objectives and strategies should the company use as next steps for each product? Support your opinion.

Data From Table 8.2

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Table 8.2 Summary of Product Life-Cycle Characteristics, Objectives, and Strategies Introduction Growth Maturity Decline Characteristics Sales Costs Profits Customers Low sales Rapidly rising sales High cost per customer Negative Average cost per customer Rising profits Innovators Few Early adopters Growing number Peak sales Low cost per customer High profits Mainstream adopters Declining sales Low cost per customer Declining profits Lagging adopters Competitors Marketing objectives Create product engagement Maximize market share and trial Maximize profit while defending market share Reduce expenditure and milk the brand Stable number beginning to decline Declining number Strategies Product Offer a basic product Price Use cost-plus Distribution Build selective distribution Advertising Sales promotion Offer product extensions, Diversify brand and models Phase out weak items service, and warranty Price to penetrate market Price to match or beat competitors Cut price Build product awareness among early adopters and dealers Use heavy sales promotion to entice trial Build intensive distribution Build more intensive Build engagement and interest in the mass market Reduce to take advantage of heavy consumer demand distribution Stress brand differences and benefits Increase to encourage brand switching Go selective: phase out unprofitable outlets Reduce to level needed to retain hard-core loyals Reduce to minimal level