essay on product life cycle

Product Life Cycle Essay

Introduction, stages of product life cycle, development phase, extended example, different product market phases and their impact on cost recovery.

According to definition provided in the biology sciences, living things follow a rigid development lifecycle of birth, growth, maturity and death. This cycle forms the basis for the concept of product lifecycle and, by extension, a framework for describing the path a certain product will follow in a particular period of time.

In product management, this concept comprises of introduction, growth, maturity and decline stage. In the introduction stage, it takes some time for a product to be accepted by the public, but by the time it reaches the growth stage it is able to attract many customers. In maturity stage, its market even out as competitors develop competitive products, and its popularity declines. Old products are finally withdrawn from the market marking decline (Marketing Teacher, 2000, Para 1).

Since PLC depicts the product path from the launching period, it is a perfect tool for managing a product. Organizations can establish customer demands and alter the products features to meet these requirements. In addition, it helps the organization to determine when cost recovery will commence, as well as define the volume of transactions.

This information is important to the organization for two reasons. First of all, it is possible to tell when a product can be introduced or withdrawn from a market. Secondly, it gives information about a product success or failure, as well as its position relative to competitors’ products.

However, PLC has its limitation, especially it lacks for the universality in application (Tellis, nd, 6). This paper discusses the concept of PLC and how it is applied to cost recovery. It further examines how the concept has been successfully applied in development of technological products by Apple Inc.

In addition to the four stages in figure 1 presented, I will also discuss the development phase in this section.

This phase involves the conception of a product idea and various changes made on the basis of the original mode before it is being developed into a final product. The model product is passed through the test market before being delivered to the target customers. In the development stage, company does not generate any revenue, although it incurs expenditures. This stage is followed by launching of the model product that survives test market.

Introduction Stage

At this stage, the product adopted after development phase is launched. The company’s goal in this stage is to ensure that the product will have maximum impact by the time it goes in the market. This is why it is necessary to take into account the customer’s demands that a product should meet (Haslam, 1989, p. 20-21).

Because of promotion at this stage, the costs are high, advertisements and need for equipment for distribution are needed, and thus, this phase involves spending with little returns (NetMBA, 2002, Para 2). Some companies prefer to outsource some functions such as distribution in order to reduce the cost. The main goal of this stage is to establish a customer loyalty and increase product demand.

Growth Stage

A product that makes to this stage enjoys public awareness and significant rise in sales. As a result, the company is satisfied because it can now start recovering its initial costs (Business 101 — The Basics, Nd, 7). Because of the increased public awareness, distributors readily accept the product since it is easy to market.

Consequently, the company derives profit and recovers initial expenditure. This stage is an opportune moment to maximize product market share. Products that are new entrants into the market gain market share quite easily (Komninos, 2002, 6). However, as the market expands, competition begins to emerge and, as a result, prices begin to decline.

Previous stage competitions continue and increase in strength and ferocity. This is because more competitors have begun to develop similar products. Competition to maintain the market share becomes intense and profits starts to dwindle.

Differentiation of strategies applied in order to survive in this market that were initiated at the previous stage are widely used. The result of this differentiation is a market that has many product models.

At the beginning of this stage and end of the previous one, sales have reached their peak levels. Customers are already familiar with the products and they have several substitutes to choose from, thus demand depends on customer preference of a products feature. Since the brand is established, advertisement expenditure is minimal.

Profit margins are also low as key players cut their prices in order to maintain market share. The best companies and products are the ones that stand competition at this stage. Thus, the main goal of this stage is to expand product market share from previous stage.

Decline Stage

At this stage, many companies abandon the market as demand for their products decreases due to the fact that customers change their tastes and preferences. This tendency provokes the development of more competitive products. According to Avlonitis (2002, 14), the company’s strategies influences the decline of a product, as well as the generation of this products.

Old products will attract little customer demand, but companies that have highly differentiated products may continue to make profit (Perreault et al, 2009, 243). As a result, companies register low sales in this stage due to changes in customers’ tastes and fashions. As a result, companies embark on other marketing strategies hoping to rejuvenate and extend the product line on the marketplace.

In this section, I will use iPod and iPhone products to demonstrate the differences between mature and growing market. Apple Inc is an American multicultural corporations dealing with marketing and designing of computer software, consumer electronics, and Personal computers (Markoff, 2011).

Technological products have shorter product life cycles because companies are persistently evolving and improving their products by prolonging their significance and extending their life. Apple Inc, for instance, develops new and better technology after every twelve to eighteen months and, as a result, the products it offers to its customers are always innovative and revolutionary.

iPod sales trend in figure 2 shows the product cycle. Before its peak sales in 2008, various generations of the product had been introduced such as Nano, Class and Touch and iPhone in the middle of the year (Cahill, 2011, Para 2). This year, there was little competition for iPod but introduction of iPhone distracted its potential sales.

Both 2008 and 2009 years presented in the figure indicate that the sales had been stabilized and afterwards started to decline. In 2010, Apple quarterly sales report revealed a decline in the sales of iPod. These sales had been reduced from 11 million to 10.2 in a span of three months.

Figure 3 shows that iPod overstayed in a maturity stage and it’s now entering its decline. On the other hand, iPhone curve shows that these days it is going into its growth stage, and it has registered an increase in sales. The company has also introduced a new product in 2009 called the iPad.

However, it is iPod that has significantly contributed to the higher profits that apple has experienced. In spite of this, its sales graph has reflected the S-curve that indicates that it is undergoing the product life cycle. As we have already discussed, in order to prevent decline, it is necessary to improve the product features to rejuvenate the growth of sales. This may include development of new iPad model that will have additional feature.

In introduction phase of the product, costs are higher and there is no return for the company. As a result, it does not recover the cost incurred in product development at this stage. As the product progress to the third stage of PLC, company registers increased sales and the brand is be recognized, this results in further cutting the cost and increasing returns.

In the maturity stage, since the product brand is already established, the company does not spend much on promotion (Nagle & Hogan, 2006). In our case, iPod made more profit because it overstayed in the maturity stage, which is the phase with the least costs.

Since in growth stage the company registers increasing sales, iPhone curve is rising steadily, but in the maturity, the sales volumes even out because the market is beginning to be saturated by products of different models. This PLC analysis tool is important to a company like Apple Inc, which offers goods in the technological industry where the product must be constantly enhanced.

Product life cycle analysis reveals different pictures for a production. In introduction stages, capital outlay is high and sales are low which results in low profits. This is followed by growth where sales volumes begin to rise and cost lowers due to decrease in advertisement and promotions costs.

This stage register an increase in profits, but spending is still high as a company strives to expand market share. In maturity stage, cost gets even lower as the product brand is established, competition increase, and new generation products are developed. The product is more profitable due to lower cost in this stage. At the decline stage, sales decrease due to the fact that customers change tastes and profit margin remains intact (Marketing assignment No. 3, Nd, 7).

Ashcroft, J Nd, Apple in the digital age from the iPod to the iPad . Web.

Avlonitis, G 2001, Strategic Industrial Marketing , Stanoulis, New York. Business 101 — The Basics n.d., Product and Pricing Strategies . Web.

Cahill, B. iPod Sales – does this graph look familiar ? Web.

Christiansen J. K., Varnes C. J., Gasparin M.,Storm-Nielsen D. and Vinther E. J. 2010, ‘Living Twice: How a Product Goes through Multiple Life Cycles’. J PRODD MANAG 27: 797-827.

Haslam, C., Neale A., & Johal S. 1989, Economics in a business context, Cengage Learning EMEA London.

Komninos, I. 2002, Product Life Cycle Management. Research paper for Urban and Regional Innovation research unit, Aristotle University of Thessaloniki , pp. 1-26. Web.

Kotler, P., & Armstrong, G. 2001, Principles of Marketing. Prentice Hall, New Jersey. Marketing Assignment No.3 . Web.

Marketing Teacher. (2000). ‘The Product Life Cycle (PLC)’. Marketing Teacher. Web.

Markoff, J. 2011, ‘Apple Incorporated’. The New York Times . Web.

McNamara, C., Basic Overview of Organizational Life Cycles . Web.

Nagle, T. T., & Hogan J. E. 2006, The Strategy and Tactics of Pricing. A guide to Growing More Profitability , Pearson Education, New Jersey.

NetMBA. 2002, The Product Life Cycle . Web.

Perreault, W. D., Cannon J. P., & McCarthy E. J. 2009, ‘Product Management and New Product Development’. In Basic Marketing. A Marketing Strategy Planning Approach, Ed. 17 Chap 10. McGraw-Hill, New York.

Tellis, G., ‘An Evolutionary Approach to product Growth Theory’. Division of Research Graduate School of Business Administration The University of Michigan .232: 1-31.

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What Is the Product Life Cycle?

How It Works
Limitations

Product Life Cycle vs. BCG Matrix

Introduction and Maturity

The Bottom Line

Small Business

Product Life Cycle Explained: Stage and Examples

Ariel Courage is an experienced editor, researcher, and former fact-checker. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street.

The term product life cycle refers to the length of time from when a product is introduced to consumers into the market until it's removed from the shelves. This concept is used by management and by marketing professionals as a factor in deciding when it is appropriate to increase advertising, reduce prices, expand to new markets, or redesign packaging. The process of strategizing ways to continuously support and maintain a product is called product life cycle management .

Key Takeaways

A product life cycle is the amount of time a product goes from being introduced into the market until it's taken off the shelves.
There are four stages in a product's life cycle—introduction, growth, maturity, and decline.
A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows.
Sales stabilize and peak when the product's adoption matures, though competition and obsolescence may cause its decline.
The concept of product life cycle helps inform business decision-making, from pricing and promotion to expansion or cost-cutting.

Investopedia / Xiaojie Liu

How the Product Life Cycle Works

Products, like people, have life cycles. The life cycle of a product is broken into four stages—introduction, growth, maturity , and decline.

A product begins with an idea, and within the confines of modern business, it isn't likely to go further until it undergoes research and development (R&D) and is found to be feasible and potentially profitable. At that point, the product is produced, marketed, and rolled out. Some product life cycle models include product development as a stage, though at this point, the product has not yet been brought to customers.

As mentioned above, there are four generally accepted stages in the life cycle of a product. Here are details about each one.

Introduction Stage

The introduction phase is the first time customers are introduced to the new product. A company must generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits, especially if it is broadly unknown what the item will do.

During the introduction stage, there is often little-to-no competition for a product, as competitors may just be getting a first look at the new offering. However, companies still often experience negative financial results at this stage as sales tend to be lower, promotional pricing may be low to drive customer engagement, and the sales strategy is still being evaluated.

Growth Stage

If the product is successful, it then moves to the growth stage. This is characterized by growing demand , an increase in production, and expansion in its availability. The amount of time spent in the introduction phase before a company's product experiences strong growth will vary from between industries and products.

During the growth phase, the product becomes more popular and recognizable. A company may still choose to invest heavily in advertising if the product faces heavy competition. However, marketing campaigns will likely be geared towards differentiating its product from others as opposed to introducing the goods to the market. A company may also refine its product by improving functionality based on customer feedback.

Financially, the growth period of the product life cycle results in increased sales and higher revenue. As competition begins to offer rival products, competition increases, potentially forcing the company to decrease prices and experience lower margins.

Maturity Stage

The maturity stage of the product life cycle is the most profitable stage, the time when the costs of producing and marketing decline. With the market saturated with the product, competition now higher than at other stages, and profit margins starting to shrink, some analysts refer to the maturity stage as when sales volume is "maxed out".

Depending on the good, a company may begin deciding how to innovate its product or introduce new ways to capture a larger market presence. This includes getting more feedback from customers, and researching their demographics and their needs.

During the maturity stage, competition is at the highest level. Rival companies have had enough time to introduce competing and improved products, and competition for customers is usually highest. Sales levels stabilize, and a company strives to have its product exist in this maturity stage for as long as possible.

A new product needs to be explained, while a mature product needs to be differentiated.

Decline Stage

As the product takes on increased competition as other companies emulate its success, the product may lose market share and begin its decline. Product sales begin to drop due to market saturation and alternative products, and the company may choose to not pursue additional marketing efforts as customers may already have determined whether they are loyal to the company's products or not.

Should a product be entirely retired , the company will stop generating support for it and will entirely phase out marketing endeavors. Alternatively, the company may decide to revamp the product or introduce a next-generation, completely overhauled model. If the upgrade is substantial enough, the company may choose to re-enter the product life cycle by introducing the new version to the market.

The stage of a product's life cycle impacts the way in which it is marketed to consumers. A new product needs to be explained, while a mature product needs to be differentiated from its competitors.

Advantages of Using the Product Life Cycle

The product life cycle better allows marketers and business developers to better understand how each product or brand sits with a company's portfolio. This enables the company to internally shift resources to specific products based on those products' positioning within the product life cycle.

For example, a company may decide to reallocate market staff time to products entering the introduction or growth stages. Alternatively, it may need to invest more cost of labor in engineers or customer service technicians as the product matures.

The product life cycle naturally tends to have a positive impact on economic growth, as it promotes innovation and discourages supporting outdated products. As products move through the life cycle stages, companies that use the product life cycle can realize the need to make their products more effective, safer, efficient, faster, cheaper, or better suited to client needs.

Limitations of Using the Product Life Cycle

Despite its utility for planning and analysis, the product life cycle doesn't pertain to every industry and doesn't work consistently across all products. Consider popular beverage lines whose primary products have been in the maturity stage for decades, while spin-offs or variations of these drinks from the same company have failed.

The product life cycle also may be artificial in industries with legal or trademark restrictions. Consider the new patent term of 20 years from which the application for the patent was filed in the United States. Though a drug may be just entering their growth stage, it may be adversely impacted by competition when its patent ends regardless of which stage it is in.

Another unfortunate side effect of the product life cycle is prospective planned obsolescence. When a product enters the maturity stage, a company may be tempted to begin planning its replacement. This may be the case even if the existing product still holds many benefits for customers and still has a long shelf life. For producers who tend to introduce new products every few years, this may lead to product waste and inefficient use of product development resources.

Notification messages such as Microsoft's alert that Windows 8.1 will sunset on January 2023 is an example of decline. Due to obsolescence of the operating system, Microsoft is choosing to no longer support the product and instead focus resources on newer technologies.

A similar analytical tool to determine the market positioning of a product is the Boston Consulting Group (BCG) Matrix . This four-square table defines products based on their market growth and market share:

"Stars" are products with high market growth and high market share.
"Cash cows" are products with low market growth and high market share.
"Question marks," also known as "problem children," are products with high market growth and low market share.
"Dogs" are products with low market growth and low market share.

Although there is no direct relationship between the matrix and the product life cycle concept, both analyze a product's market growth and saturation. However, the BCG Matrix does not traditionally communicate the direction in which a product will move. For example, a product that has entered the maturity stage of the product life cycle will likely experience decline next; the BCG Matrix does not communicate this product flow in its visual depiction.

Introduction and Maturity: Special Considerations

Companies that have a good handle on all four stages can increase profitability and maximize their returns . Those that aren't able to may experience an increase in their marketing and production costs, ultimately leading to the limited shelf life for their product(s).

Back in 1965, Theodore Levitt, a marketing professor, wrote in the Harvard Business Review that the innovator is the one with the most to lose because so many truly new products fail at the first phase of their life cycle—the introductory stage. The failure comes only after the investment of substantial money and time into research, development, and production. This fact prevents many companies from even trying anything really new. Instead, he said, they wait for someone else to succeed and then clone the success.

To cite an established and still-thriving industry, television program distribution has related products in all stages of the product life cycle. OLED TVs are in the mature phase, programming-on-demand is in the growth stage, DVDs are in decline, and the videocassette is extinct.

Many of the most successful products on earth are suspended in the mature stage for as long as possible, undergoing minor updates and redesigns to keep them differentiated. Examples include Apple computers and iPhones, Ford's best-selling trucks, and Starbucks' coffee—all of which undergo minor changes accompanied by marketing efforts—are designed to keep them feeling unique and special in the eyes of consumers.

Examples of Product Life Cycles

Many brands that were American icons have dwindled and died. Better management of product life cycles might have saved some of them—or perhaps their time had just come.

Oldsmobile began producing cars in 1897. After merging with General Motors in 1908, the company used the first V-8 engine in 1916. By 1935, the one millionth Oldsmobile had been built. In 1984, Oldsmobile sales peaked, selling more cars in that year than any other year. By 2000, General Motors announced it would phase out the automobile and, on April 29th, 2004, the last Oldsmobile was built.

Woolworth Co.

In 1905, Frank Winfield Woolworth incorporated F.W. Woolworth Co., a general merchandise retail store. By 1929, Woolworth had about 2,250 outlet stores across the United States and Britain, Decades later, due to increased competition from other discount retailors, Woolworth closed the last of its variety stores in the United States in 1997 to increasingly focus on sporting goods.

On April 23, 1985, Coca-Cola announced a new formula for its popular beverage, referred to as "new Coke." Coca-Cola's market-share lead had been decreasing over the past 15 years, and the company decided to launch a new recipe in hopes of reinvigorating product interest. After its launch, Coca-Cola's phone line began receiving 1,500 calls per day, many of which were to complain about the change. Protest groups recruited 100,000 individuals to support their cause of bringing "old" Coke back.

A stunning 79 days after its launch, "new Coke's" full product life cycle was complete. Though the product didn't experience much growth or maturity, its introduction to the market was met with heavy protest. Less than three months after it announced its new recipe, Coca-Cola announced it would revert its product back to the original recipe.

What Are the Stages of the Product Life Cycle?

The product life cycle is defined as four distinct stages: product introduction, growth, maturity, and decline. The amount of time spent in each stage will vary from product to product, and different companies have different strategic approaches to transitioning from one phase to the next.

What Are Product Life Cycle Strategies?

Depending on the stage a product is in, a company may adopt different strategies along the product life cycle. For example, a company is more likely to incur heavy marketing and R&D costs in the introduction stage. As the product becomes more mature, companies may then turn to improving product quality, entering new segments, or increasing distribution channels. Companies also strategically approach divesting from product lines including the sale of divisions or discontinuation of goods.

What Is Product Life Cycle Management?

Product life cycle management is the act of overseeing a product's performance over the course of its life. Throughout the different stages of product life cycle, a company enacts strategies and changes based on how the market is receiving a good.

Why Is Product Life Cycle Important?

Product life cycle is important because it informs management of how its product is performing and what strategic approaches it may take. By being informed of which stage its product(s) are in, a company can change how it spends resources, which products to push, how to allocate staff time, and what innovations they want to research next.

Which Factors Impact a Product's Life Cycle?

Countless factors can affect how a product performs and where it lies within the product life cycle. In general, the product life cycle is heavily impacted by market adoption, ease of competitive entry, rate of industry innovation, and changes to consumer preferences. If it is easier for competitors to enter markets, consumers change their mind frequently about the goods they consume or the market becomes quickly saturated. Then, products are more likely to have shorter lives throughout a product life cycle.

Broadly speaking, almost every product sold undergoes the product life cycle. This cycle of market introduction, growth, maturity, and decline may vary from product to product—or industry to industry. However, this cycle informs a company of how to best utilize its resources, what the future outlook of their product is, and how to strategically plan for bringing new products to market.

Food and Drug Administration. " Frequently Asked Questions on Patents and Exclusivity ."

Microsoft. " Windows 8 and Windows 8.1 End of Support and Office ."

Harvard Business Review. " Exploit the Product Life Cycle ."

Oldsmobile Club of America. " History of Oldsmobile ."

Britannica. " Woolworth Co. "

The Coca-Cola Company. " The Story of One of the Most Memorable Marketing Blunders Ever ."

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Please note you do not have access to teaching notes, the product life cycle revisited: an integrative review and research agenda.

European Journal of Marketing

ISSN : 0309-0566

Article publication date: 7 January 2022

Issue publication date: 2 February 2022

This paper aims to respond to calls in academia for an update of the product lifecycle (PLC). Through a systematic literature review, the authors provide an updated agenda, which aims to advance the PLC concept in research, teaching and practice.

Design/methodology/approach

The authors started by surveying 101 marketing academics globally to ascertain whether a PLC update was viewed necessary and beneficial in the marketing community and thereafter conducted citation analysis of marketing research papers and textbooks to ascertain PLC usage. The subsequent literature review methodology was split into two sections. First, 97 empirical articles were reviewed based on an evaluative framework. Second, research pertaining to the PLC determinants were assessed and discussed.

From the results of this review and primary data from marketing academics, the authors find that the method of predicting the PLC based on past sales has been largely unsuccessful and perceived as somewhat outdated. However, a new stream of PLC literature is emerging, which takes a consumer-centric perspective to the PLC and has seen more success at modeling lifecycles in various industries.

Research limitations/implications

First, the study outlines the most contemporary and successful methodological approaches to modeling the PLC. Namely, the use of artificial intelligence, big data, demand modeling and consumer psychological mechanisms. Second, it provides several future research avenues using modern market trends such as sustainability, globalization, digitization and Covid-19 to push the PLC into the 21st century.

Originality/value

The PLC has shown to be resolutely popular in management application and education. However, without a continued effort in academic PLC research to update the knowledge around the concept, its use as a productive management tool will likely become outdated. This study provides a necessary and comprehensive literature update resulting in actionable future research and teaching agendas intended to advance the PLC concept into the modern market context.

Product lifecycle
Research agenda

Iveson, A. , Hultman, M. and Davvetas, V. (2022), "The product life cycle revisited: an integrative review and research agenda", European Journal of Marketing , Vol. 56 No. 2, pp. 467-499. https://doi.org/10.1108/EJM-08-2020-0594

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Essay on the Product Life Cycle | Marketing Management

In this essay we will discuss about the stages of product life cycle.

Each product has a life span when it introduced in the market means birth of a product, grows, mature and finally decline and substituted by a new product, it is a continuous process. Product Life Cycle (PLC) is a concept that provides a way to outline the different stages of a product’s acceptance, from its introduction to its decline.

Product life cycle is based on certain characteristics of products these characteristics may differ according to the nature of a product.

Following are the characteristics of products:

(i) Products have a limited life;

(ii) Product sales pass through different stages with different challenges, opportunities, and problems for the seller;

(iii) Profits rise and fall at different stages of the product life cycle;

(iv) Demand of product varies from one stage to other;

(v) Different marketing strategies are required in each stage.

Product life cycle curves are normally divided into four stages:

1. Introduction Stage:

It is the first stage when a company launched a new product by innovation. High degrees of risk are involved in introducing new product in market. During the introduction stage the growth of product’s sale is slow, because it is new in the market.

Moreover during this stage as the product is new, the company has to spend huge funds on the advertisement of product, so the profits are non-existent in this stage. A new product category requires a longer introductory period to stimulate primary demand. Even a brand that has achieved acceptance in other markets will require introduction in new markets.

Marketing Strategies during Introduction Stage:

Sales remain low in this stage. Production cost remains high due to less production it delays in the expansion of production capacity. Adoption of process remain slow. Sales of new products depend on additional factors such as product complexity and fewer buyers and price of product. In the introduction stage, profits are negative or low because of low sales and heavy distribution and promotion expenses. Much money is needed to attract distributors. Promotional expenditures are high because firm wants to inform potential consumers, induce them for product trial, and wants to increase distribution.

Prices tend to be high because costs are high due to relatively low output rates, technological problems in production, and high required margins to support the high promotional expenditures.

2. Growth Stage:

In this stage people began to adopt new product and sales increases rapidly, as new customers enter the market and old customers make repeat purchases. At this point of time marketer need to add new dealers and distributors, expansion of distribution network took place. Firm began to earn profit at increasing rate. Due to expansion of market, competitors are attracted who copy and improve on the features of the new product, therefore new firm entered in the product category.

In the last part of growth stage profit level declined due to large number of firms in the market and rising competition, but total industry sales are still raising. In this phase, the company faces a trade-off between high market share and high current profit. By spending a lot of money on product development, promotion, and distribution, the company can capture a dominant position.

You are free to use it as an inspiration or a source for your own work.

Products and go through different stages, and these stages (their order and length) have an impact on strategic alternative selection. The product life cycle can be analyzed based on the market conditions (sales and profits), throughout the time when the product or service is available for customers. The benefit of using product life cycle assessment is improving the organization’s knowledge about the market conditions. However, the disadvantage is that the assessment is based on individual judgements and predictions of the future. There are many unexpected market trends that can affect the life cycle of the service. The four stages of product life cycle are: introductory, growth, maturity, and decline. Profitability, external conditions, and demand are different during each stage of the life cycle. In the introduction stage, sales are low, and profits are negative. There are only a few competitors, and the cost to customers is high. In the growth stage, revenue grow rapidly, profits peak, and the number of competitors grows, which makes the organization reduce its prices. In the maturity stage, growth of revenues is low, cost to customers is reduced, and competition is increased, while profits remain high. In the decline stage of the product life cycle, sales start to decline, profits are low, and prices are low. The number of competitors is declining.

It is important for a health care organization to complete a product life cycle analysis in order to select the right market entry strategy. No matter which market entry strategy the organization chooses, it needs to know the product life cycle associated with the strategy. A product life cycle analysis answers the questions managers might have related to the market entry strategy, such as:

Which stage of the cycle the organization’s products or services are
How long is the current stage (and the entire cycle) likely to last

The results of the external analysis and environmental analysis can help judge the likely scenario related to the life cycle of the product or service. As an example, if the product or service is in the maturity stage, some of the strategy choices most suitable are market development or product development, while related diversification is not recommended.

Works Cited

Swayne, Linda E., W. Jack Duncan, and Peter M. Ginter. Strategic management of health care organizations . John Wiley & Sons, 2012.

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The Product Life Cycle

The life cycle of a product is divided into four stage based on the revenue generated by the product or service. The life cycle concept may apply to a category of product or brand with varying duration for different products or brand. The stages that a product goes during the product life cycle include introduction stage, growth stage, maturity stage, and decline stage. During the introduction stage, most companies concentrate their efforts in advertising and promotion to make consumers aware of their product. Because of low sales and high cost, most companies tend to lose money during this stage. During growth stage, firms focus their strategy in increasing sales, which requires increasing advertising cost. A company may decide to lower prices in order to remain competitive. If a product survives the growth stage, it reaches the maturity stage where it stays for a relatively linger time. During this stage, sales continue to grow, though at a slower pace, before stabilizing. Despite presence of price wars, companies reap high profits because of high sales volume. A company may make modifications to the products to meet consumers’ changing preferences when they become outdated. The last stage is the decline stage where company experiences declines in demand for its products as more innovative products absorb the attention of consumers.

Industry Selection

The industry that I selected for this analysis if consumer electronics industry. The example of product in introduction is Samsung S4, released in 2013. An example of product in growth stage of the product life cycle is the Panasonic 3D TV because it was introduced less than three years ago. An example of product in growth stage of the product life cycle is iPhone. An example of product in decline stage of the product life cycle is the videocassette recorder.

Products and product life cycle stage

The introduction stage is when the public first hears about or sees a product. The product finds its way into the stores for the first time and TV advertisements and print media appear for the first time. Samsung S4 is at this stage of the product life cycle. The product went public for the first time in March 2012 during a major product launch event in New York. This was followed by introduction of the smartphone to the UK market on April 27, 2013. Many known and popular products, such as iPad is in the growth stage of the product life cycle. Apple introduced iPod, with the first version gaining market entry in 2001. The company managed to extend the maturity phase of the iPod by introducing the iPod touch, which came with a touch screen and advanced features. It also came with new functionalities such as apps, which makes it more useful and versatile than older iPods. The major concern of Apple is to maintain market share while maintaining revenues. The competition from other competitors has pushed iPod into growth stage. An example of product in the maturity stage of the product life cycle is Nintendo Wii. Even though the sales for the product are declining, profits are still positive. The company has announced its plans to introduce a new console into the market in order to extend the maturity phase. Example of a product in decline stage is VCR. VCR is experiencing decline in capacity utilization due to the market shift to alternative products. VHS was introduced in 1976, and by 1984, Toshiba had introduced plans for Digital Versatile Disc (DVD). By 1996, the film industry had started using DVDs (). The demand for DVD surpassed that of VHS by 2003 and by 2004, Hollywood studies stopped using VCR by 2004.

Reason for choosing consumer electronic industry

I chose the consumer electronic industry because the major force driving the industry is innovation and technology.

Marketing strategy for Samsung S4

Launching a new product is probably the most daunting task for product manager of consumer electronics because of the frequency by which it happens compared to traditional industries where a single product can stay in the market for many years. Normally, consumer electronics exist long before they are introduced into the marketplace. The low number of sales of consumer electronics is not usually due to logistics problems. The low sales result from two factors: the low number of buyers ready to embrace innovation and the initial high cost of products due to the need to break even with the cost of research and development. The recommended marketing strategies for Samsung are detailed below. The company uses demographic segmentation to study potential customers. It is evident that Samsung is targeting the U.S. market following the decision by the South Korean giant to chose the U.S. as the venue to launch its latest smartphone, the Galaxy S4. When a new product is introduced into the market, sales volumes are usually very low. As such, Samsung must look for strategic goal of acquiring a strong market position. The product targets the high-end market, educated people, affluent as well as early adopters of technology. Samsung should improve the product features such as software and size in order to differentiate it from Apple as well as other devices using Android. The new smartphone comes with a variety of new features, but the company should avoid overwhelming users with large number of features, not all of which may prove useful. As such, Samsung should consider removing some of the features and reduce the price slightly. Samsung should leverage its superiority its wide following in the low-end smartphone market to start challenging Apple in the high-end smartphone market. The company has the potential to position itself in the high-end market as evidenced by sales data following the introduction of high-end Galaxy.

Marketing strategy for iPad

In the growth stage of the product life cycle, sales, revenues, and profits begin to grow as the product gains popularity and market acceptance. Concerning market segment, Apple requires more than the early adopters to increase the total market size. This involves targeting data producers, data users, technology pragmatist, as well as technology enthusiast. Apple has traditionally segmented its products vertically, with each product having a particular use. The market segment for Apple’s iPad is readers, but it can also segment the market to include people who want to access data in places without access such as in the kitchen and outdoors. Apple should consider targeting older people who rarely use computers. Another target market would include iPod and iPhone users who are comfortable with a touch screen but need something bigger. Another target market to consider are students who are tired of carrying heavy textbooks and want to download their e-book anywhere and anytime they need. Apple can position iPad to students as e-textbook with good price and convenience, as well as an easy to carry, movie, game, music, and internet surfer device. Apple would position the product to Kindle lovers and book lovers as an easy to and a device that is more than a book, with a wide selection of e-books and more than140, 000 applications. In order to remain competitive, Apple should consider selling mainly to major content consumers because this will drive the likelihood of them consuming other Apple content. Additionally, Apple should not compete based on price regardless of what competitors offer. Apple should maintain the iPad as a premium brand.

Marketing Mix

Apple changed its pricing strategy when it launched iPad, with prices lower that that anticipated by the market. Apple should not consider reducing the prices further in an attempt to increase their customer base. The company should however form a larger distribution network to keep up with the pace of demand.

Marketing strategy for Wii

Nintendo Wii is currently in the maturity stage. The company segments its markets geographically and mainly target developed countries and affluent market segments. Due declining sales, the firm should consider expanding its market to developing countries because they have the potential for market growth. Nintendo Wii uses differentiation approach in market targeting. The main target markets include the upper middle class families, older people, soccer moms, and generation Y and childless couples. The company should also target the high-end market by innovating new products. Nintendo should position Wii as a family product that is not expensive, that has more family oriented games and easy to use. Wii should also add social attributes to its key competitive advantages.

Product strategy

Adding more apps to the Wii, building a co-branding relationship with social sites, and using social media capabilities to market are some of the recommended product strategies. Nintendo can also up-date product design and include stickers of app logos.

Marketing mix

Nintendo should adopt competitive-based pricing by keeping prices lower than that of PS3 and Xbox. They should also keep the prices affordable for families because their preferences will encourage them to many accessories offered by Wii. The company can also introduce bundle pricing to increase sales revenue. The company can employ both push and pull strategies in promotion. They can have displays in prominent stores as well as demo kiosks. They also need to conduct massive sales promotion and advertising campaign to extend product stay in the market. The marketing objectives should be to inform, persuade, and remind. The company should also try personal selling to reach more customers.

Marketing strategy for VCR

VCR is currently in the decline stage and there are possibilities for the product to face extinction. The company should segment it markets based on demographics with older people constituting the main target market. Older people still prefer using VCR and VHS as a way of visiting the past. The company can also target enthusiasts who believe that the old videotape format creates better sound and picture compared to digital media.

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Essay: Product Life Cycle

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Product Life Cycle

With respect to the revenues generated by a product over a period of time, there are various stages that are achieved by any product. This is called a product’s life cycle (PLC). A product life cycle mainly consists of below mentioned four stages.

Product Life Cycle (PLC) Four Stages:

A. introduction stage:.

This stage refers to the period when the product is introduced in the market. During this phase the sales of the product is generally low till consumers become responsive of the product and its features. During this stage the firm aims to create awareness of the product among the customers and hence the advertising costs typically are high. Since at this stage the product is still trying to gain foothold in the market, additional costs with initial distribution etc are higher. The main objective during the introduction stage is to generate demand for the introduced product or service and establish a market for its operations.

b. Growth Stage:

During this stage more customers become responsive of the product and its attributes. This leads to rapid revenue growth as the sales increase. At this stage of the product, firms also target additional market segments. During this stage the distribution of the product can be expanded as the product is gradually establishing due to its high quality and features. The main objective during the growth stage is to further boost the demand for the product by gaining consumer inclination and further increase the sales. As the competition increases firms may have to incur additional promotional costs in order to make the consumers aware of the differentiating attributes of the product offered by the firm as opposed to that of the competitors.

c. Maturity Stage:

During this stage sales continue to increase although at a slower pace. Maturity stage is considered as the most lucrative in the life of a product. Advertising expenses are relatively lower in this stage as the product is well established in the market by now, and brand consciousness is strong. The main objective during the maturity stage is to sustain market share and broaden the product life cycle. The competition during this stage is highly rigorous as the competing products may be highly similar at this point, thereby increasing the complexity of differentiating the product. In order to gain more shelf space from the retailers firms need to implement different promotional activities to attract their attention.

d. Decline Stage:

This stage witnesses a decline in the sales as the market becomes saturated. Since the product has been in the market for a long time now, its features become technologically obsolete with respect to customer’s changing tastes. Finally a stage will be attained where the product will be in no position to generate profits. In such a scenario a firm can either:

Retain the product at reduced costs and try to innovate with respect to product uses.
Withdraw the product from the market when no more profit can be generated.

The product life cycle concept is useful for monitoring sales results over time and comparing them to those of products having a similar life cycle and therefore helps marketing managers to plan future marketing strategies to deal with the challenges.

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Coca-Cola Company: Product Life Cycle

Introduction, background to the study.

The US beverages industry has witnessed rampant growth over the past decades (Spelman Research, 2003, p. 2). This is evident in the large number of domestic and foreign investors who have ventured into the industry. The core operations of the industry entail the production and marketing of diverse non-alcoholic beverages, mineral water, and carbonated beverages. Due to the industry’s profitability potential, the degree of rivalry amongst competing firms has increased.

According to Adam & Armstrong (2005, p. 60), increment in competition amongst rival firms tends to reduce the industry’s level of profitability. This arises from the fact that firms compete to attain significant market share compared to their competitors.

One of the firms operating in this industry is Coca Cola Company. Over the years, the firm has managed to develop a relatively high competitive advantage compared to its competitors. The firm’s management team has appreciated the importance of conducting market trend analysis. This enables the firm to develop effective operational strategies. Through consumer market research, the firm has appreciated the need to meet customers’ needs satisfactorily.

This results from the realization of the fact that consumers change their consumption behavior over time. According to PRLog (2008, para. 1), consumers have become health conscious in their consumption patterns. The report asserts that increment in consumer health awareness has culminated from information explosion regarding beverages and soft drinks. This has been translated into an increment in demand for a soft drink amongst the consumers. In addition, changes within the competitive environment have played a significant role in the operation of the firm. Some of Coca-Cola’s key competitors include PepsiCo and Cadbury Schweppes (Spelman Research, 2003, p. 4).

According to Spelman Research (2003, p. 6), Coca-Cola Company managed to attain a significant market share of 30% in the US industry compared to that of PepsiCo and Cadbury Schweppes which were 27% and 11% respectively. Nestlé’s market share was 3% while other small firms’ market share was 29%. Considering the changes within the external environment, firms need to incorporate effective operational strategies. To attain this, the firm has integrated the concept of product diversity. The firm has been attaining this through continuous product development. This contributes towards the firm meeting consumers’ demands.

This report is aimed at analyzing the product life cycle with specific reference to Coca-Cola Company.

Definition of the product life cycle is given and the four stages of the product life cycle are identified and analyzed. These include introduction, growth, maturity, and decline. In addition, the report gives an analysis of the impact of these stages on the firms marketing strategies. These relate to the product, promotion, pricing, and distribution. Finally, a conclusion and recommendations are given.

Product Life Cycle

According to 12 Manage (2010, para. 7), the Product Life Cycle (PLC) is defined as the stages that a given product undergoes in its development. For a firm to succeed in an environment characterized by intense competition, it is paramount for the firm to incorporate effective entrepreneurial strategies. One of the key strategies that a firm’s management team can integrate relate to invention and innovation.

The resultant effect is that the firm can attain a high competitive strategy relative to its competitors. In its operation, Coca-Cola Company has effectively incorporated the concept of product innovation. As a result, the firm has introduced several segments. These include carbonates, fruit juices, bottled water, functional drinks, and Ready-To-Drink (RTD) tea and coffee. These products are traded under different brand names (Spelman Research, 2003, p.7). For these products to succeed in the market, it is paramount for the firm’s management team to consider the concept of PLC.PLC has 4 stages which include;

Introduction stage

Growth stage, maturity stage, decline stage.

The concept of PLC is based on the same concept of the biological life cycle. Over the years, PLC has become very important in the operation of firms. This is because firms are increasingly incorporating product development to attain their profit maximization objective. As result, the firm’s management teams are being committed to ensuring that this objective is attained within the PLC. This makes it clear that the firm’s management teams must incorporate the concept of PLC in the process of formulating and implementing diverse marketing strategies.

Upon successful development of a product, the product has to be introduced in its specific target market. This contributes towards the target customers accessing the product. This is the firm’s first step towards ensuring that there is sufficient market awareness regarding the product. Significant cost is incurred at the introduction phase. For instance, the successful introduction of a product in the market is determined by the effectiveness with which the firm has tested the market.

In addition, the cost of introducing the product into the market will also be increased by the need to create market awareness through promotion. At this stage, the firm’s ratio of promotion expenditure to sales is very high. The cost involved at this stage is also increased by the need to secure an effective distribution channel (Free presentation slides, 2008, para. 7).

To compete with firms producing a variety of functional products, Coca Cola Company introduced Bubble Buzz which is a tea product. The need to develop the new product was instigated by a change in consumer demands for the soft drink. According to Afsha, Chin-Yun, Audrey, and Nicolas (2006, p. 6), there is a shift in consumer consumption patterns. Currently, consumers do not prefer carbonated drinks. The product was specifically designed to meet the physiological, nutritional, and hydrating demands of the customers. According to Marketing Teacher (2010, para. 5), the need for the firm to attain instant profit is not a key consideration in this phase. As a result, the introduction stage is characterized by relatively low market size and slight growth.

At this stage, the product has already penetrated the market. As a result, the firm’s level of profit is increased due to a high rate of sales growth. In addition, firms attain economies of scale at this phase enabling them to develop their competitive advantage about pricing. The intensity of competition also increases at this stage. This arises from the fact that a large number of potential investors are attracted to venture into the industry. As a result, it becomes vital for firms to incorporate strategies aimed at building the brand. One of the strategies relates to market communication strategies.

This is attained through an increment in the firm’s commitment to its promotion campaign enabling the product to survive in the market. In addition, the firm’s market share at this stage starts to stabilize. In marketing its Bubble Buzz product within the RTD tea segment, the Coca-Cola Company has witnessed a relatively high level of market share. By 2003, the segment was the fastest growing. According to Spelman Research (2003, p. 3), the market for RTD tea has witnessed an annual growth of 6%. This growth has been sustained for the last 5 years.

The maturity stage is universal in all the products. At this stage, the degree of rivalry amongst competing firms is very high. This results from the fact that all firms are fighting to retain their market share. In addition, firms receive the highest level of profits at this stage. However, growth in sales is at a low rate until they stabilize.

At this stage, the market for the product shrinks leading to a reduction in the level of profit within the industry. The shrink may result from a shift in consumer tastes and preferences or the introduction of other products which are more innovative.

Impact of PLC on marketing strategies

Promotion strategy.

At this phase, product awareness is vital. Thus, the company must strategize on how to market its product/service. This can only be attained through the incorporation of a promotion strategy. Depending on the target market, the firm has to determine the best promotion method at the introduction phase. However, a firm needs to consider Integrated Marketing Communication (IMC) at this phase.

According to Adam& Armstrong (2005, p. 65), IMC entails diverse methods of creating market awareness. This will ensure that information awareness is effectively created within the target market. In introducing Bubble Buzz in the market, the Coca-Cola Company utilized diverse promotion methods. These included advertising, public relation, sales promotion, and incorporation of emerging information communication technologies. This enabled the product to be widely recognized in the domestic and international markets.

According to Marketing Teacher ( 2010, para. 4), there is a low probability of a firm making a profit about new products being introduced in the market during their introduction stage. At this stage, the firm’s management team should formulate effective monitoring strategies. These strategies should be aimed at ensuring that the product penetrates the market and start to grow. In addition, monitoring the products at this phase will safeguard against the products from being withdrawn.

Pricing strategy

Because consumers are price-sensitive, it is paramount that the management teams formulate an effective pricing strategy. In their purchasing patterns, price is one of the variables that consumers consider. This makes it important for firms to decide on the best pricing strategy to utilize in this stage. Because the product is new to the market at this phase, a penetration pricing strategy should be incorporated.

The strategy entails setting the price of the product at a relatively low price compared to its competitors. As a result, the price set will appeal to the consumers making them consider purchasing the product. The ultimate result is that a firm can penetrate the market and attain a large market share. However, a penetration pricing strategy should be used when the market size of the product is large and the intensity of competition is high (Free presentation slides, 2008, para. 9). For Coca-Cola Company to effectively penetrate its target market for Bubble Buzz, penetration pricing was used.

Considering the intensity of competition at the growth stage, it is paramount for firms to consider attaining price competitiveness. At this stage, the firm has already attained economies of scale. This will make it possible for the firm to set the price of its products at a low point.

The maturity stage has an impact on the firm’s pricing strategy. This arises from the intensity of competition characterizing this stage. This makes the maturity stage to be characterized by a price war.

At the decline stage, most of the firms cut the price of their products to attract and retain customers. However, consumers are attracted to more innovative products. In extreme situations, the product may be withdrawn.

Product and Expansion strategy

For a firm to be competitive, continuous product innovation should be undertaken (Adam & Armstrong, 2005, p. 66). At this juncture, the market is by now saturated. This is because a large number of similar products are introduced in the market by competing firms. At this stage, the firm needs to integrate product differentiation. This will enable the firm’s products to be unique.

The maturity stage has an impact on the firms financing and marketing activities. Due to the intensity of competition, the firm has to be keen on the marketing strategy adopted. This is because there is a high probability of the competitor adopting the same strategy. The effect is that the strategy will not be effective. To attain a competitive edge during the growth phase; firms have to consider strategies aimed at attaining a high market share through expansion.

Some of the strategies that firms consider integrating relate to the formation of joint ventures, takeovers, and formation of alliances (Marketing Teacher, 2010, para. 8). This enables firms to enable the firm to position themselves in the market. The above expansion strategy culminates in an improvement in the firm’s production efficiency. To implement these strategies, a significant amount of finance is required. This makes it vital for the firm to make an optimal financing decision. In addition, finances are paramount at this stage since it enables the firm to conduct product development more effectively. This can be achieved through the incorporation of product innovation leading to an improvement in the quality of products.

In the decline juncture, the organization must look for alternative markets for its products where they can offer them at a lower price. In addition, the firm should reduce the amount incurred in its production cost.

For a firm to be successful in the long term, it should consider developing effective operational strategies. One of the strategies that should be incorporated relates to product innovation. Upon introducing the product in the market, the firms’ management team needs to consider its life cycle. Most products have 4 stages. Each stage has different characteristics about the market. By considering these stages, a firm can able to formulate and implement effective marketing strategies.

This is because these stages have an impact on the strategies relating to the product, price, promotion, and distribution. According to the stage of the product, a firm can be able to adjust its marketing strategies. The ultimate effect is that the firm can develop a high competitive advantage.

Recommendations

Coca-Cola Company should consider the following in marketing its products.

Conduct continuous evaluation of the products PLC.
Adjust its marketing strategies according to the various stages of its products.

Reference List

Adam, K. & Armstrong, D., 2005, Principles of marketing. Australia: Pearson Education.

Afsha, B., Chin-Yun, C., Audrey,L. & Nicolas, R. 2006. Example of a marketing plan: bubble buzz. New York: University of New York. Web.

Free Presentation Slides. 2008. Introduction phase of product life cycle concept. New York: Amazon Kindle Review. Web.

Marketing Teacher. 2010. The product life cycle. New York: Marketing Teacher Limited. Web.

PRLog. 2008. Soft drink production in the US . Washington: Bharatbook. Web.

Spelman Research. 2003. US soft drink market. New York: Independent Investment Research. Web.

12 Manage. 2010. Analyzing industry maturity stages: explanation of product life cycle of Levitt. London; The Executive Fast Track. Web.

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Using Sales and Operations Planning

How You Generate Forecasts While Managing Product Life Cycles

To generate forecasts for your products while managing their life cycles, you can use the Product Lifecycle Management page layout in your demand, demand and supply, replenishment, or sales and operations plan.

The following is the high-level procedure for forecasting for your products while using this page layout:

Set up your plan. Include the predefined Forecast Bookings Including Product Life Cycle or Forecast Shipments Including Product Life Cycle forecasting profile in your plan.
Perform the collections process or use the file-based data import (FBDI) templates for importing data. Collect or import values for the Launch Date and Discontinuation Date measures for your products.
If you want to generate the forecast on the basis of historical bookings, in the table, make the bookings forecast measures visible, and hide the shipments forecast measures.
Make a copy of the page layout.
Make copies of the page layout’s tables, and select or hide the shipments forecast or bookings forecast measures as you require.
Change the Product dimension level for the copied tables.
Ensure that the copy of the Manage Product Life Cycle by Item and Date table is dynamically linked to the copy of the Manage Forecast During Product Life Cycle table, and that the top table passes the highlighted selections in the required Product dimension level to the bottom table.
Run the plan.
Open the plan, and view the information in the copy of the page layout.
If you’re generating a forecast using shipments history, enter a value in the Adjusted Shipments Forecast or Change to Shipments Forecast Percentage measure to view the result in the Final Shipments Forecast measure. Save your changes in the table layout. If you’re generating a forecast using bookings history, enter a value in the Adjusted Bookings Forecast or Change to Bookings Forecast Percentage measure to view the result in the Final Bookings Forecast measure. Save your changes in the table layout.
If you must modify the launch date for a product, enter a value in the Adjusted Launch Date measure to view the final date in the Final Launch Date measure. Save your changes in the table layout. If you must modify the discontinuation date for a product, enter a value in the Adjusted Discontinuation Date measure to view the final date in the Final Discontinuation Date measure. Save your changes in the table layout. Run the plan again to view the forecasts for the required periods for your products. If required, modify the value in the Adjusted Bookings Forecast, Change to Bookings Forecast Percentage, Adjusted Shipments Forecast, or Change to Shipments Forecast Percentage measure. Save your changes in the table layout.

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PAGES 2 WORDS 636. Product life cycle is the different stages of a product's life. The stages are introduction, growth, maturity and decline (QuickMBA, 2010). The marketing decisions will vary depending on which stage of the life cycle the product is in. The self-driving car will be in the introductory life cycle phase when it is launched.
Stages of the Product Life Cycle
The product Life Cycle is a set of five sequential stages which start upon the introduction of a new product into the market. The end of the cycle may result in a real product death or spell a return to the initial stage through innovation. We will write a custom essay on your topic tailored to your instructions!
The Product Life Cycle: Analysis and Applications Issues
Each of the articles in this special section makes a distinctive contribution to the long-standing controversy over the managerial value of the product life cycle concept. This overview is designed to put these articles into a broader perspective by analyzing the major issues of identification, forecasting, and strategy formulation encountered ...
Stages Of Product Life Cycle
PLC refers to a period in which a product starts with its initial phase (R&D) and ends with its removal from the marketplace. A typical PLC includes four phases: introduction, growth, maturity and decline. See the figure below. Figure 1: Product life cycle. 1.
Product Life Cycle Theory
The theory of a product life cycle was first introduced in the 1950s to explain the expected life cycle of a typical product from design to obsolescence, a period divided into the phases of product introduction, product growth, maturity, and decline. The goal of managing a product's life cycle is to maximize its value and profitability at ...
Understanding the Stages of the Product Life Cycle
References (35) ... "The life cycle of a product is often broken into four stages-introduction, growth, maturity, and decline." [11] The electric vehicle charging infrastructure market experienced ...
Understanding Product Life Cycle, Essay Example
The four stages of product life cycle are: introductory, growth, maturity, and decline. Profitability, external conditions, and demand are different during each stage of the life cycle. In the introduction stage, sales are low, and profits are negative. There are only a few competitors, and the cost to customers is high.
The Product Life Cycle Essay
The product life cycle is a critical aspect of any marketing plan. At different stages of the life cycle, products need to be treated in different ways, in order to maximise potential profit. The marketing mix should be manipulated in such a way to provide the best return for the business. One of Harvey Norman's main products includes computers.
Product Life Cycle : Product Cycle Essay
An example of such a product is the 3D television sets. 2. Provide an example of a product that is at the growth stage of the product life cycle. Growth Stage - This stage comes after the manufacturer has. Get Access. Free Essay: Product Life Cycle 1. Provide an example of a product that is at the introduction stage of the product life cycle.
Free Essay On Product Life Cycle
The life cycle of a product is divided into four stage based on the revenue generated by the product or service. The life cycle concept may apply to a category of product or brand with varying duration for different products or brand. The stages that a product goes during the product life cycle include introduction stage, growth stage, maturity ...
Essay about Product Life Cycle
Essay about Product Life Cycle. A new product progresses through a sequence of changes from introduction to growth, maturity & decline. This sequence is known as the "Product Life-Cycle" & is associated with changes in the marketing situation, thus impacting the marketing strategy & the marketing mix. In the introduction stage, the firm ...
Product Life Cycle
Text preview of this essay: This page of the essay has 538 words. Download the full version above. With respect to the revenues generated by a product over a period of time, there are various stages that are achieved by any product. This is called a product's life cycle (PLC). A product life cycle mainly consists of below mentioned four stages.
Coca-Cola Company: Product Life Cycle
Scope. Definition of the product life cycle is given and the four stages of the product life cycle are identified and analyzed. These include introduction, growth, maturity, and decline. In addition, the report gives an analysis of the impact of these stages on the firms marketing strategies. These relate to the product, promotion, pricing, and ...
How You Generate Forecasts While Managing Product Life Cycles
To generate forecasts for your products while managing their life cycles, you can use the Product Lifecycle Management page layout in your demand, demand and supply, replenishment, or sales and operations plan. The following is the high-level procedure for forecasting for your products while using this page layout:

Product Life Cycle Essay

Introduction Stage

Growth Stage

Decline Stage

What Is the Product Life Cycle?

Product Life Cycle vs. BCG Matrix

The Bottom Line

Product Life Cycle Explained: Stage and Examples

Key Takeaways

How the Product Life Cycle Works

Introduction Stage

Growth Stage

Maturity Stage

Decline Stage

Advantages of Using the Product Life Cycle

Limitations of Using the Product Life Cycle

Introduction and Maturity: Special Considerations

Examples of Product Life Cycles

Woolworth Co.

What Are the Stages of the Product Life Cycle?

What Are Product Life Cycle Strategies?

What Is Product Life Cycle Management?

Why Is Product Life Cycle Important?

Which Factors Impact a Product's Life Cycle?

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Essay: Product Life Cycle

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Product Life Cycle (PLC) Four Stages:

b. Growth Stage:

c. Maturity Stage:

d. Decline Stage:

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Coca-Cola Company: Product Life Cycle

Product Life Cycle

Introduction stage

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How You Generate Forecasts While Managing Product Life Cycles

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