Management of the Cycle

The progession of a product through these stages is by no means certain. Some products seem to stay in the mature stage forever (eg.: milk). Marketers have various techniques designed to prevent the process of falling into the decline stage. In most cases however, the life expectancy of a product category can be estimated.
A marketer's marketing mix strategies will change as their product goes through its life cycle. Advertising , for example, should be informative in the introduction stage, persuasive in the growth and maturity stages, and be reminder oriented in the decline stage. Promotional budgets tend to be highest in the early stages and gradually taper off as the product matures and declines. Pricing, distribution, and product characteristics also tend to change.
 
The Project Management Cycle has four phases: Initiation, Planning, Execution and Closure.

These steps need to be followed while managing the cycle.
 
Revenue management cycle:

revenue_management_cycle.gif
 
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