Abstract
This paper examines the advantages of dynamic marketing tactics and how they are impacted by stages in the product lifecycle. It looks at a PLC from launch to breakpoint. It also identifies opportunities and challenges along the way and monitors the effectiveness of marketing tactics. Some crucial subjects are discussing how to integrate marketing and operations, how ongoing innovation can help a product last longer, and the nature of emerging technologies like big data, distributed ledgers, and the IoT. The paper stresses the importance of having adaptable marketing tactics that can be applied in reaction to shifting consumer attitudes and behaviors, industry demands, and worldwide trends. Future research might examine the relationship between sustainability and product lifetime, the resilience of systems to unforeseen occurrences, the interaction between AI and predictive analytics, and the impact of AI on marketing decisions.
Introduction
To stay ahead of the competition and grow your firm, you must understand the numerous phases of product creation and marketing, since the business world is very dynamic. Each stage of the product has its own specific challenges and opportunities. Therefore, marketers must have slightly distinctive marketing approaches for each step. Such propositions serve as an introduction and a jumpboard for further investigation into the evolution of the advertising campaigns, covering all aspects of the PLC. Product lifecycle management (PLM) is an approach in which we constantly monitor a product from conception until it is taken off the market. Marketing a product from the very inception of its conception until it is taken out of the market is a process that requires the collaboration of various organizational units (Stark, 2022). Knowing PLC marketing (PLCM) is helpful for businesses as it helps them adjust their marketing efforts to meet their customers’ changing needs and the products’ stages.
The marketing domain must adapt frequently and sufficiently to address the various marketing issues that arise within a PLC. The commodity is first displayed to the general public during the launch phase. In addition to helping the company weather the storm of increased expenses and erratic market circumstances, this positions the company for future sales (Dibb et al., 2019). Marketers face increased competition as the market shifts from acceptance to growth and realize they must continue to differentiate their products to maintain market share (Doole et al., 2019). Products experience specific issues as they age, such as pricing pressure, commoditization, and market saturation. Marketers are searching for new ideas to refresh old products and keep them existing for longer (Sales et al., 2017). When businesses think of reissuing a product, they should be aware of the costs of its upkeep and the price of its benefits.
This paper addresses the question, “How do marketing strategies and business decisions for a product lifecycle evolve?” The aim is to establish how creating a marketing plan and managing the product lifecycle interrelate dynamically. It will also be a handy tool for businesses to know how to better market their products at various stages of the product’s lifetime.
Literature review:
Sale et al. (2017) did a study about how hard it is to understand and keep track of product lifecycles in complicated electrical systems. For a particular result, they show how different marketing tasks must be put together in a certain way. As the name suggests, Sale et al. proposed the idea of MGPL, or multiple-generation product lines. MGPL is the process of gradually introducing new generations of products and keeping the essential parts of the original product. This method corresponds with how fast ideas emerge in tech startups, where continuing to lead the industry means first being at the top. Sale et al. (2017) propose a dynamic model incorporating the lot-sizing dynamic model by Wagner and Whitin and the Bass diffusion model of fresh goods. This model extends the famous models in marketing and operations management. Businesses can use this unified model to find the best time to drop a new product line, set prices, plan production schedules, and decide what to produce. The model considers the aspects of marketing and the operating business at the same time. It demonstrates the consequences of these changes on both the output and the length of a product’s life. Speaking of innovation, Sale et al. (2017) highlight how much technology becomes about performance, how it looks, and what it means. It says that a product’s life can be prolonged by innovative techniques with broader effects than only technical creativity. This point of view corresponds to the fashion-driven innovation theory, which argues that changes in how people think and what they like can impact the demand for technology (innovation sector) even in highly technified places.
By examining the stages of a product’s lifecycle and how customers perceive it, Li et al. (2017) analyze the complexity of decision-making for remanufacturing. They scrutinize the value and consign new and old items as part of a two-step approach. The study examines the conditions of original equipment manufacturers (OEM) and third-party remanufacturers (TPR). The study utilizes theoretical models to investigate how the price choices, consumer views, and market growth drivers that persist throughout the whole PLC eventually alter how profits change. Within their study, Li et al. (2017) highlight the environmental and economic benefits of remanufacturing. They assert that it can lower production costs, minimize costs, and help achieve a low-carbon economy. It is necessary to consider how the remanufacturing methods will influence the world and how people will accept them after the creation has been done. The study shows that the emotions surrounding the remanufacturer, for instance, OEM or TPR, impact consumers’ assessments of the price of new and used items. Because of their familiarity with these complex things, OEMs and TPRs can determine the system prices in a way suggested to the market, which changes their revenue. Li et al. (2017) suggest governments play a fundamental yet fair role in business by regulating the industry and remanufacturing. They claim that the government should intervene to promote TPR production, especially during the culmination of a product’s valuable lifecycle or aging. The study shows that more than merely reproducing market efficiency may be needed to help the environment. Therefore, government action is necessary to ensure market results align with broader social goals.
Because improving PLM processes is becoming more critical to staying ahead of the competition, Zhang et al. (2017) present a PLM system driven by big data. They talk about issues like complex, different types of data sources and data that need to be completed or corrected at other points of the lifecycle. The framework aims to fix these issues by making data more dependable, accessible, and always available during the product’s life. Big Data analytics help people make intelligent decisions throughout their lifespan. Zhang et al. say lifetime big data should be used for process management, prediction, and evaluation. This model gives manufacturing companies a helpful way to utilize large datasets to advance their PLM practices and make their operations more sustainable and efficient.
Dufour et al. (2018) use the idea of an “ecocycle” to question common, fixed ideas about how organizations their life cycles. They prefer to avoid planned growth and stress and believe that groups should be able to choose their paths as situations change. The authors also apply the configurational method, which helps them demonstrate how complex and unpredictable organizations may be. Being experts and experienced professionals available in the market, they ensure the strategies are deliberate and processes that change with such difficulties are thought of and considered. Another aspect of the ecocyclic framework is the departure from a linear sequential model and the recognition that each company, with its way, goes through a change over time (Dufour et al., 2018). It is achieved by exploiting separate parts to develop an overall structure. This framework details internal operations and helps us understand external activities. Thus, it offers an integral picture of strategic management.
The article by Doole et al. (2019) delves into the three stages of making and using a foreign marketing plan. This book dwells on vital issues, including conducting market research, studying the international business environment, coping with cultural problems, and finding an opportunity. Within the framework of the article, Doole and Lowe (2019) consider niches for small and medium businesses and show marketing plans for global companies. Doole et al. (2019) also discuss the crucial parts of the worldwide marketing strategic approaches, such as pricing, communication, planning, and delivery. This author offers readers the knowledge they need to develop a sound foreign marketing plan by blending theory with practice, specific focus exercises, etc.
The work of Stark (2022) points out that PLM is vital for following products through their entire lifecycle. PLM aims to obtain significant gains by raising the profit margin and lowering the cost factors and the whole product process. The more the product’s life proceeds through the five stages, as described by Stark (2022), the harder it is to maintain control and consistency across the product roles and stages. In any case, losing control can cause problems that can be inconvenient, such as delays, unhappy customers, safety risks, damage to the company’s image, and financial losses. By illustrating an example of Airbus A380 and lithium-ion battery problems, Stark highlights how Product Lifecycle Management (CPLM) is essential in preventing and solving product problems. Stark (2022) asserts that businesses must be adaptable to challenges like compliance with rules and laws in each market. It becomes evident during the detailed study that PLM is the key to keeping up with the changes in the market and improving the quality of the goods.
Dibb et al. (2019) provide a good update on marketing strategies and techniques, showing what factors they are based on, such as the marketing environment, consumer, and behavior behavior-specific marketing campaigns. The authors illustrate them by introducing marketing concepts, doing competitive analysis, customer behavior analysis, market segmentation, choosing an aiming market, and positioning. Besides that, there are also talks about going products, branding, marketing of services, and establishing pricing. By applying theory frameworks with practical cases, Dibb et al. (2019) give us strategies to deal with market situations that change. The joint efforts of their extensive research and case studies provide the basis for us to view the complex world of contemporary marketing and our understanding of how marketing practices change at all phases of a PLC.
The application of the PLM systems by Pinna et al. (2018) in the food industry differs from others during NPD (New Product Development). Researchers implemented various PLM tools’ modalities, among which companies involved in the global food sector were engaged in multiple case studies. Implementing PLM tools will enhance process management skills and coordination, translating into a sounder NPD—with the help of their research about the function of each PLM in the food NPD, Pinna et al. (2018) indicated that it is essential to manage data regulations and customer relations.
The Horvat et al. (2019) study reported that European food enterprises’ new product development process uses customer information about PLC. They stress a program that aims to direct the customer to increase the effectiveness of their new product by understanding if their new products are functional to what the customers are looking for. The research looks at three types of user data: customer demand information on weather conditions, diet choices, and purchase experiences. The analysis of the results indicated that the probabilistic, functional, and contingent data were the most consented data, as presented by Horvat et al. (2019). In addition, the report describes traditional techniques like focus groups and consumer surveys but alerts that these only sometimes work as a product success guarantor, especially for new products. For the product innovation to succeed, the authors suggest using customer-tailored data collection methods and better-using customer data throughout the various PLC stages.
According to Tao et al. (2016), the IoT could control energy use throughout the PLC. Given how much energy manufacturing uses, especially in places like China and the US, they stress how vital energy control is to the industry. When the authors talk about how many manufacturing sites need to learn about good energy management practices, they bring it to people’s attention. They say the IoT offers real-time answers by combining physical devices featuring sensing and acting features. With IoT, energy parameters for raw materials, parts, tools, finished goods, and facilities can be carefully managed and tracked (Tao et al., 2016). Using Internet of Things technologies to reduce their environmental impact and make industrial processes more energy efficient can help them use energy more efficiently at various phases of a PLC.
Kanagal (2015) looks at the role of creativity in marketing strategy, focusing on newly created products. Innovation drives new products and organizational changes and is vital for a long-term coorganizational. Using an organization’s skills and innovation processes to make new goods for the market is very important, as Kanagal (2015) stresses. By doing empirical research on Philips Corporation and conducting direct interviews with the Philips Innovation Campus, the study explains what innovation is, how it works, the different types of product innovation, and how to evaluate inventions. Kanagal is an excellent example of novel products like the Tata Nano, the Gillette Guard, and PepsiCo’s Aliva, which show how they can change markets and meet many different customer needs. Additionally, Kanagal’s (2015) research looks at how innovations spread and are adopted, focusing on factors like relative advantage, compatibility, complexity, and divisibility that impact the adoption rate.
The article by Iveson et al. (2022) describes a new PLC approach that investigates how it influences marketing strategies. The consumer-centric approach is more effective than the traditional approach, which is simply predicting the growth and decline of a PLC based on past sales when modeling across industries. The research highlights the importance of using modern methods, such as AI, big data, demand modeling, and understanding how consumers think and feel to make the PLC stronger in predicting the future. In addition to the above, it suggests looking at an ever-changing market, such as sustainable development, globalization, and the effects of events such as COVID-19 on the PLC. Iveson et al. (2022) illustrate a range of elements that influence the generation of dynamic marketing campaigns. Some of these factors are the time the plan will be implemented, how the resources are used, where the company will operate, its marketing strategies, and how it will develop the products.
According to Mahapatra et al. (2012), there is a link between supplier management programs like supplier development investments (SDI) and relational orientation (RO) and the PLC. The effectiveness of these efforts is affected by how competitive the market is, and they find that this varies across PLC stages. It turns out that RO drives SDI, especially in the PLC’s maturation stage. This goes against the idea that building relationships is less important in markets for mature goods. Additionally, more than SDI is needed on its own to deal with the pressure of competition. This study shows that supplier management methods are flexible and depend on the situation. It also shows how important it is to consider internal and external factors when making decisions. These new ideas make the dynamics of supplier management more complicated. They also have a significant effect on how managers work and on future studies.
Cao and Folan (2012) provide a complete history of how the PLC idea changed from 1950 to 2009. The engineering PLC model is different from the usual marketing product PLC. The conventional model, created in the middle of the 20th century, put goods into four groups based on how long they would be on the market: introduction, growth, maturity, and decline. However, some people thought it would only work in today’s business settings, which are different because of complicated relationships between organizations’ views of the lifecycle of goods (Cao & Folan, 2012). So, in the 1980s, a new framework came out that looks at the whole life cycle of a product, from when it is first thought of to when it is taken off the market, focusing on how different stages and parties can work together. The change in how PLCs think about things shows a move toward a more fluid and connected understanding of how products live their lives. This change will affect how marketing plans are made and carried out.
As stated by Lockrey (2015), life cycle marketing is a good tool that helps firms market their new goods while at the same time minimizing environmental effects. This approach is intended to address the problems associated with ecological hazards related to the consumption of goods by using ecological marketing (EM) and life cycle assessment (LCA). Lockrey (2015) details the significant life cycle marketing strategy issues. These are the spheres, such as using EM and LCA, the environment in their product design, and evaluation within the organization given to practitioners and managers. To avoid unfavorable consequences, the life cycle marketing strategy should supervise whether its products are environmentally unfriendly, and the same goes for the claims it provides. Enterprises can increase environmental efficiency by carrying out LCA as the subject of their publicity and help as agents in global sustainable development.
Leng et al. (2020) study how blockchain technology handles all the challenges of a product’s lifecycle and the current degrading manufacturing process in the context of Industry 4.0. The authors indicate that the production systems must be sustainable and explain how blockchain can be exploited to fail some challenges that compromise sustainability in production systems and PLC management. The study examines how blockchain technology will increase supply chain trust, traceability, and transparency. This can contribute to the UN’s Sustainable Development Goals (SDGs) toward a greener lifestyle. Moreover, the authors clarify the cons, including the strategies’ barriers, socioeconomic obstacles, and standardization regulations that should be fixed for using the technology in practical manufacturing.
Based on Industry 4.0, Lim et al. (2020) give strategic thought to the Digital Twin technology, mentioning ways it can be applied to organizations’ innovators’ product lifecycle management (PLM). Using DT forwarding dynamic models, simulations, and intelligent choices will give you production paradigms. Through this, the research evidenced that DT can switch virtual environments into real ones and make them switchable in real time. It makes sense from a systems cyber-physical lifecycle view. Secondly, even DT experts say it is gaining importance in global output, especially when developing innovative ideas. They also serve as a helpful reminder of how quickly the DT market has grown, proving its power to change the world. In their review of the material, Lim et al. (2020) discussed the technical, engineering, and business sides of design thinking. Case studies like this show how DT can change marketing plans based on changing markets and at different points in a product’s existence.
According to the theory of life cycle presented by Kniazieva and colleagues (2017), managers make strategic and management decisions considering external factors that cannot be predicted. The life cycle theory is a process of defining the performance criteria for the product lifecycle, deciding the problem domain, figuring out the thresholds of the stability parameters, and analyzing the production using intellectual and external indicators. They underline that leading indicators, such as income volatility, and lagging indicators, like the overall economic conditions, are equally important. According to the research, strategy corresponds to the varying phases of a product, and strategic planning should be flexible in the event of changes in external conditions. Sales predictions, schedule making, strategy choosing, and maintaining a balance between product and its factors are all real-world consequences that change marketing tactics in various phases of the product’s life.
Indeed, according to Restuccia et al. (2016), wholesalers’ role in the PLC management (PLM) phase is questioned. It is asserted that distributors play critical roles as sources of product information after launching a new product, which influences holistically new product development activities in PLM. The study groups the wholesalers and the product-related problems that affect the skill levels into four groups. The positions are varied, from problem information sharing to more nuanced roles like solution consultants, solution implementers, and solution managers. To back up the typology and its consequences for incremental innovation during NPD corresponding with PLM, the writers interviewed 14 distributors and producers in detail. It is said that comprehension of distributors’ roles in the NPD can improve PLM and give distributors and manufacturers mutually helpful information when they plan product-related data processing in the future.
As Tyulin and Chursin (2020) reported, the innovation and design stage of the product supports the digital age. The new PLC theory for the digital economy is based on the fact that technological advances strongly impact consumer behavior and traditional PLC. The authors emphasize that through the process of life (from conception to disposal), it is necessary to understand the impact of a new idea and a design technique at each stage. They argue that marketing plans should adjust to the unstable evolutionary process of the digital economy and react quickly, access to (not waste) new opportunities. By using new design methods at all stages of the PLC, companies will always remain competitive and stand the test of this intensely competitive market. Marketing strategies must be linked to the PLC stages to achieve the most significant profits from digital advances and consumer interests, with a quick response to the market.
In their study, Chen et al. (2021) analyze the relationship between the company’s accumulated knowledge, learning-by-doing technique, and the successful launching of new products. While one reason is suggested that a vast number of different experiences helps new goods to do well, this potential may be reduced when too many experiences claim a company’s attention, and this, in turn, affects the ability of a given company to pay attention to what is going on in the increasingly changing markets. It was noticed that design iteration, where many adjustments to a product’s design are done after it launches, improves new product performance by putting it under capacity constraints and increasing flexibility. The writers’ conclusion is justified by studying a few new mobile apps. Moreover, this study emphasizes the necessity of continuous design adaptation in product development to help surpass the competition in fast-paced markets because strategy-by-doing is critical. Proper marketing should involve adapting approaches to be fit for different stages of a product lifecycle, which aids in exploiting design enhancements and customer needs changes.
Kamthe and Verma (2015) investigated the relationship between marketing management techniques and PLC. It is emphasized that through phases of the PLC, businesses should devote considerable thought to repositioning and restaging their products. This research indicates that marketing strategies must be responsive to the shifts in the market, product, and the intensity of competition. Marketers can enhance their market success by determining properly what and when to market and withdraw their respective products, but knowing PLC will be beneficial. The authors address various stages of the PLC, including the inception stage, the development stage, the prime phase, and the breakdown stage—different modes of marketing call for different sets of marketing tactics. Organizations can optimize their performance by developing specific marketing strategies for organizations to swiftly respond to the challenges and opportunities that might affect the product when it falls out of the market.
Grewal and Levy (2022) also explore the influence of the evolution of marketing strategy on different phases of the PLC. It was stated that the maturity of a product, which has distinct phases like introduction, growth, maturation, and decline, affects the choice of appropriate marketing strategies. Marketers always work to create an immediate and prominent perception of the new product among consumers during the launch phase by relaying important information. Projects might be executed in this phase to strengthen the brand’s positioning and extend its market share. Differentiating products and retaining the customer base are the strategies one must consider while in a growth phase. Grewal and Levy (2022) argue that marketing tactics should correspond with the different stages of a PLC to preserve market value and develop competitiveness.
Within the scope of sustainable product development (SPD), LCA is investigated by Chang et al. (2014). Many vital matters regarding environmental problems are now receiving significant attention, which signifies the need to balance our environment and economic development. The basis for SPD is LCA, the first green assessment of the product. Scholars emphasize the four significant stages in LCA: setting objectives, developing LCI and LCIA analysis approaches, and translating the results into stakeholder-understandable data. Hence, a process that can ensure LCA is carried out at any product development phase is becoming critical, beginning with its conception and ending with product sustainability. Moreover, the report examines several difficulties pertinent to the life cycle assessment procedure and recommends various reliable models and theories to deal with them. It shows that life cycle assessment is essential for agile marketing strategy development because it permits organizations to manage and reduce the ecological impacts of their goods from production to disposal.
Perreault et al. (2021) provide the main components of the strategy with some modifications to meet the growing market demands. They study various marketing elements, including need identification, niche identification, product development, and new product development. Besides, they emphasize how B2B should be able to understand the use of a product that may alter the associated behavior. Furthermore, social aspects of marketing are dealt with from the perspectives of distribution, merchandising, pricing, and negotiation. This text tells us about efficient marketing implementation that corresponds to the progress of a product’s lifecycle, considering that market demands and preferences change over time. The plan states that a product is continuously evolving, and marketing strategies need constant updating to maintain leadership over your competitors and align with the market trends.
Conclusion and Future Studies.
In summary, this paper analyzed in-depth the analyzed-stage nature of the PLC and how it affects dynamic marketing strategies from several literature references. Underpinning the Study of PLM and Marketing Strategy Formulation are the various challenges and opportunities the product faces during its market journey. The literature review reveals that marketing strategies must change dynamically following the changing PLC. In the introduction stage, firms concentrate on creating demand and raising awareness. The competitive stage requires strategies to be developed on how the business can be sustained to enable it to emerge as the market leader in the changing environment. Innovation in the maturity stage is critical to reviving products and extending their lifespan, whereas, in the decline phase, the organization might organize possible divestment or revamp. Several main themes have been identified from the review. These themes consider the optimal performance of marketing and operations functions where the integration of the two is needed, the innovation that helps extend the product lifespan, and the role of technologies like Big Data, IoT, and Blockchain in improving PLC management. Furthermore, sustainability, consumer perceptions, strategic decisions, etc., across PLC stages depict the intricacy of dynamic marketing strategies.
In the future, the topic may be studied by researchers who could continue in several directions to deepen our view of the topic. The study can address how these emerging technologies, like AI, IoT, and blockchain, can be used across product lifecycle stages in marketing strategies for improving operational efficiency, sustainability, and consumer engagement. Information regarding consumer data analytics and predictive modeling in making marketing decisions across the PLC will furnish invaluable knowledge on consumer behavior and choices. However, various studies should look into the effects of global issues such as sustainability, digitalization, and digitalization product lifecycles and marketing strategies, especially in multifaceted industrial sectors and markets. Besides this, it is also possible to analyze how agile maze techniques work in various situations where unforeseen events happen, including pandemics or economic crises. Thus, it provides glimpses of how to be flexible and grow during recovery and resilience.
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