Life Cycle Management in Oil&Gas Products Industry

The life cycle of a petroleum product reflects the evolution of its sales volume over time and represents the interval between its introduction on the market and its definitive disappearance from the commodity exchange arena. During the life cycle of a petroleum product, the company marketing it will keep on reformulating the adopted marketing strategies, as determined by variable conditions and new challenges on the side of the competition, along with the changes in customers' interests and their requirements in relation to the product; therefore, appropriate marketing strategies must be developed for each stage in the life cycle of the petroleum product in order to increase its marketing profitability, even though its existence is limited over time.