Original Research

The utilisation of the product life cycle concept in South African banks dealing with mortgage products and markets

F. J. Herbst, M. Steyn
Acta Commercii | Vol 5, No 1 | a61 | DOI: https://doi.org/10.4102/ac.v5i1.61 | © 2005 F. J. Herbst, M. Steyn | This work is licensed under CC Attribution 4.0
Submitted: 05 December 2005 | Published: 05 December 2005

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F. J. Herbst, University of Johannesburg, South Africa
M. Steyn, University of Pretoria, South Africa

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Abstract

The purpose of the study as demarcated in this article was to test the use of the product life cycle concept (PLC) theory among marketing decision-makers and product decision-makers dealing with mortgage products and markets in the leading South African Banks. The main focus was to test the application and likelihood to use the PLC assumptions provided by Kotler (2003:340) on marketing characteristics, described marketing objectives and the proposed marketing strategies in the four PLC phases. A major finding was that the majority of these decision-makers in banks indicated a high likelihood of continuing to use the product life cycle concept. Another important conclusion of this study was that further empirical research is needed to develop product life cycle concept assumptions to be inclusive of the intangible nature linked to the marketing of services.

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