CLC vs. PLC
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The document discusses the customer life cycle and product life cycle. The customer life cycle describes the stages customers go through from awareness of needs to advocacy of a brand, including research, selection, buying, satisfaction, loyalty, and retention. The product life cycle outlines the stages a product progresses through from introduction to growth, maturity, and potential decline as sales change over time. Both models examine the relationship between customers or products and brands from the initial awareness stage to long-term loyalty.
CLC vs. PLC
- 1. Customer Life Cycle & Product Life Cycle
- 2. Customer Life Cycle The customer life cycle describes key milestones that every customer goes through over the course of the relationship with a brand. The main stages of customer life cycle are: 1) Awareness (needs and messages) 2) Research (get knowledge) 3) Comparison (consideration / peer opinions) 4) Selection (rational and emotional) 5) Buying (first time live interaction with brand) 6) Satisfaction (experience) 7) Loyalty & Retention (relation / value) 8) Advocacy (brand fan / support the brand)
- 4. Product Life Cycle The product life cycle describes the stages a product goes through from when it was first thought of until it finally is removed from the market. The main stages of the product life cycle are: 1) Introduction (researching, developing and then launching the product) 2) Growth (when sales are increasing at their fastest rate) 3) Maturity (sales are near their highest, but the rate of growth is slowing down) 4) Decline (final stage of the cycle, when sales begin to fall) Not all products reach this final stage. Some continue to grow and others rise and fall.
- 5. Introduction Growth Maturity Decline SALES TIME Product Life Cycle
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