In restaurant point of sale a product passes through several stages of its life. This cycle of stages is called Product Life Cycle or PLC. The PLC is normally present as a sales curve. Concept lies in the fact that each stage in the restaurant is characterized by a typical market behavior and each stage itself. Understanding the PLC concept and managing it effectively can help prolong the profitable life span of a product.
A typical product during the course of its life. During the market pioneering stage, the product is in its introductory stage in the market. Here it may not yet be a ready market for the product. Sales are low; the product undergoes teeth problems; profits sea a remote possibility; demand has to be created and developed; and customers have to promptly try out the product. One of the most important of these is the pricing strategy for the product.
The ease and speed with which competitors can bring out similar products is perhaps the most important factor in deciding the pricing strategy at this stage. Another crucial area is attention to market development and promotion. That's where demand has been created and developed. The firm has to invest heavily in promotion before it sees any returns.
During the market growth stage, the demand for the product increases and the size of the market grows. That's when he has to stay ahead of his competitors and persuade the customer to prefer his brand. He can not dictate the price to the customer; he can not dictate the terms to the channel.
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Source by Josh Riverside