product life cycle

Examples of product life cycle in the following topics:

• Product Life-Cycle Curve

  • It is important for marketing managers to understand the limitations of the product life cycle model.
  • A given product may hold a unique product life cycle shape such that use of typical product life cycle models are useful only as a rough guide for marketing management.
  • Facebook is in the mature phase of the product life cycle.
  • The iPod touch is currently in the mature phase of the product life cycle.
  • The diagram shows the sales and profits of a given product during the course of the product life cycle.

• Stages in the Product Life Cycle

  • There are four stages in the product life cycle: introduction, growth, maturity, and decline.
  • There are four stages in the product life cycle: introduction, growth, maturity, and decline .
  • At this stage of the life cycle, the company usually loses money on the product.
  • In the maturity stage of the product life cycle, sales will reach their peak.
  • There is no set schedule for the stages of a product life cycle.

• The Product Life Cycle

  • Product development and product life cycles go hand-in-hand.
  • For example, consider the product development and life cycle of a video game.
  • Products have a limited life and, thus, every product has a life cycle.
  • The product life cycle begins with the introduction stage (see ).
  • Discuss the rationale behind the marketing concept of product life cycles

• Impact of the Product Life Cycle on Marketing Strategy

  • The stage of the life cycle of the product affects how it is marketed.
  • The stages through which individual products develop over time is called commonly known as the "Product Life Cycle".
  • The product life cycle is a well-known framework in marketing.
  • They can rescue products struggling in the maturity phase of their life cycles and get them back to the growth phase.
  • By viewing the product life cycle in the same way, marketers pursue similar positioning strategies for products and services during each stage of the life cycle.

• Product Advertising

  • The stage of the Product Life Cycle (PLC) often determines the type of advertising that is used by advertisers for a particular product.
  • The stage in the Product Life Cycle (PLC) of which a product is in often determines the type of advertising that is used by advertisers.
  • It is heavily used in the introductory stage of product life cycle when a new product is launched.
  • This type of product advertising provides in-depth information of the benefits of using a product or service.
  • The type of product advertising a company chooses depends on where the product is in its life cycle.

• Decline

  • The decline stage of the product life cycle is the one where the product ultimately 'dies' due to the low or negative growth rate in sales (see ).
  • A decline in sales volume as competition becomes severe, and popularity of the product falls;
  • It is important to note that product termination is not usually the end of the business cycle; rather, it is only the end of a single entrant within the larger scope of an on-going business program.
  • This stage of the product life cycle is the terminal stage where sales drop and production is ultimately halted.
  • Identify the characteristics of a product in the decline stage of the product life cycle.

• Maturity

  • The maturity stage follows the growth stage in the product's life cycle (see ).
  • The stage that lasts the longest in the product life cycle is the Maturity stage.
  • Prices tend to drop due to the proliferation of competing products
  • This stage of the product life cycle shows that sales will eventually peak and then slow down.
  • Identify the market conditions of a product in stage 3, maturity of the product life cycle.

• When to Modify Products

  • While the decision to modify products happens ideally at the design stage, products can be changed during any phase of the life cycle.
  • The product life cycle (PLC) encompasses the multiple phases products pass through during their 'life' in the market.
  • At some point during the life cycle, products may be modified to compete more effectively in the market, and appeal to evolving consumer and business demand .
  • Other products are never re-introduced and deleted entirely from the product roadmap.
  • Product recalls, which can happen at any stage of a product life cycle, are costly and can severely damage a brand's reputation if managed poorly.

• Growth

  • Promotion is increased beyond the initially high levels, and word-of-mouth advertising leads to more and more potential customers hearing about the product, trying it out, and--if the company is lucky--choosing to use the product regularly.
  • In fact, the growth stage is seen as the best time to introduce product innovations, as it creates a positive image of the product and diminishes the presence of competitors who will be attempting to copy or improve the product, and present their own products as a substitute.
  • Sales volume increases significantly: as the product increases in popularity, sales volumes increase.
  • The graph shows the growth stage in the overall product life cycle.
  • Identify the conditions that exist when a product is in stage 2, growth of the Product Life Cycle

• Product Orientation

  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • Similar to production orientation, the product orientation of marketing focuses solely on the product a company intends to sell.
  • A firm employing a product orientation is chiefly concerned with the quality of its product.
  • This approach stresses the research and development of products and the continuous evolution during their life cycles , in order to maintain the attention of potential customers.
  • Consumers recognize product quality and differences in the performance of alternative products.