Macon

In restaurant point of sale, a product passes through certain distinct stages during its life. This cycle is called product life cycle or PLC. The PLC is normally presented as a sales curve spanning the products course from introduction to exit. Concept lies in the fact that each stage in the restaurant point of sale is characterized by a typical market behavior. Consequently each stage lends itself to the application of a certain specific marketing strategy. Understanding the PLC concept and managing it effectively can help prolong the profitable phases of the life span of a product.

A typical product at a restaurant point of sale passes through distinct stages during the course of its life. During the market pioneering stage, the product is in its introductory stage, and there may not be a ready market for the product. Sales are low, and the product undergoes teething troubles. Profits seen like they could be a remote possibility but a demand has to be created and developed, and customers have to be prompted to try the product. One of the crucial decisions that needs to be make at this stage is the pricing strategy adopted for the product.

The ease and speed that allows competitors to introduce similar products is perhaps the most important factor in deciding the pricing strategy. Another crucial area demanding attention is market development and promotion. Thats where demand has to be created and developed. The firm has to invest heavily in promotion and wait for the reward.

During the market growth stage, the demand for the product increases and the size of the market grows. Thats when one has to stay ahead of competitors and persuade customers of the products quality.

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