Understanding the Product Life Cycle
The Product Life Cycle (PLC) is a model that describes the stages through which a product passes in terms of sales, from its initial launch, to growth, maturity, and final withdrawal. This model affects the Consumer decision-making process.
History of the Michelin Guide
“A business enterprise has two and only two basic functions: Marketing and Innovation. Marketing and innovation produce results; all the rest are costs” (Drucker, 1995)¹.
Innovation is a key concept in the business world and it should be applied in the marketing strategy of any profit or non-for-profit enterprise. A century ago, the Michelin brothers used a genius and innovative marketing practice, which helped the company to boost its sales (by existing customers) at that time.