How can marketers use the product life cycle as a management tool?

"The product life cycle may be used in planning. Marketers who understand the cycle concept are better able to forecast future sales and plan new marketing strategies. Marketers must be sure that a product has moved from one stage to the next before changing its marketing strategy. A temporary sales decline should not be interpreted as a sign that the product is dying. Pulling back marketing support can become a self-fulfilling prophecy that brings about the early death of a healthy product. Strategies for Success at Each Stage of the Product Life Cycle: Introduction—Encourage trial, establish distribution. Growth—Get triers to repurchase, attract new users. Maturity—Seek new user or users. Decline—Reduce marketing expenses, used to keep loyal users. Each year Coca-Cola adds new drinks to its product portfolio. While some of these new beverages are close relatives of the original Coca-Cola Classic, others, such as Vitaminwater, constitute entirely new categories of soft drink. What challenges do new products such as Vitaminwater face during the introduction phase of the product life cycle?"