Product Life Cycle Management (PLM) has been the go-to model for many marketing pundits in deciding on introducing new products. The model closely resembles the Hindu Philosophy of Life, Maturity, and Death. It is depicted by the combined form of Brahma, Vishnu, and Mahesh - Trimurti.
Like any model, PLM has many flaws. Some apparent shortcomings are:
One cannot precisely predict whether a dip in sales is a temporary phenomenon or an indication of a permanent decline.
Even when a product is falling off the curve, a competitive product may be on an upswing. Thus, the impact of branding is not factored in the PLM.
There have been instances where a product was declared dead and cremated. It turned around and came to life after decades.
The overemphasis on product form instead of the class is the real problem. Death is a natural occurrence for common people. As per Hindu Mythology, Lord Vishnu incarnated 10 times. This is known as Dashavtar. In each avtar, he took a form necessary for the prevailing condition. Yet, the original form of Vishnu is immortal. This gives us a cue of beating the PLM blues.
Many brands have immortalized themselves. Here is a partial list:
Chivas Regal, Glenlivet, Ballentine's.
Marlboro
Listerine
Colgate
Lux
Chanel
The management challenge is building a brand that addresses not only its original target segment but also appeals to others. The company needs to be adaptable to evaluate different options and foresee opportunities or dangers lying ahead. It is possible by combining strategic research and experimenting with marketing and communications models.
The emphasis should shift from launching new me-too products to prolonging the productive life of existing brands through sound and solid marketing support and adapting to the rapid pace of technological changes.
Subodh
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