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Critically evaluate the usefulness of the product life cycle concept as a tool for formulating marketing strategies.
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Critically evaluate the usefulness of the product life cycle concept as a tool for formulating marketing strategies Introduction Since the product life cycle (PLC) concept was first developed from 1950s (Dean, 1950), it had become one of the most quoted and most popular elements of marketing theory and it also had been widely used as a tool for formulating marketing strategy, new product management and product portfolio analysis. However, the PLC model received extensive criticism of its limited applicability and was even regarded as 'a dangerous idea' (Kevin and Peter, 2004). Although the life cycle pattern has its own flaw of nature, the benefits of helping managers to plan strategies are also significant, especially when using the model in the right method and with the reasonable purpose. Characteristics of the Product Life Cycle Just as the biological life cycles progress from birth through growth to maturity, the product has the similar cycle. Michael (1996)...
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