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Product Life Cycle
Transcript of Product Life Cycle
The first of the four product life cycle stages is the introduction stage. Products in the introduction stage usually have a small market, limited competition and can be fairly costly. Google Glass is a good example of an introductory product as it has a restricted, small market, no current competition and costs around $1,500. Offering a limited number, Google Glass was recently released on April 15th 2014 for a one-day only public sale in the US. Volvo has recently designed another product that falls into the introduction stage, an inflatable car seat. Children's car seats are usually bulky, heavy and awkward to carry around but Volvo is aiming to change that with it's latest creation: an inflatable child safety seat that fits into a backpack. Lastly, the solar-powered current table that charges devices without sunlight. The table features a clear glass panel that doubles as the work surface. The inside of the glass panel is equipped with a solar cell that is designed to absorb more light, including indoor lighting. The generated energy is stored in a battery and the table has USB ports which are able to fully charge devices. Both the inflatable car seat and solar-powered current table are currently the sole products in those types of markets which renders them introductory products.
The Growth stage is the second of stages in the product life cycle, and for many manufacturers is the key stage for establishing a product’s position in a market and increasing sales and profit. Waterproof cellphones have been recently popping up all over the market and gaining popularity. Many electronic accidents involve water which is why manufacturers such as Sony and Samsung have introduced water-resistant devices. These companies have had increased profits and have therefore lowered the cost of the new cellphones for consumers. Another product currently in the growth stage is electric cars. The first electric car being introduced many years ago, they have gradually gained a large enough market to continue production and lower costs. More and more car manufacturers are joining in on the eco-friendly idea and have been offering these futuristic cars; the competition is growing. Lastly, the 3D television. As 3D movies have gained popularity, so have 3D TVs, with their crisp picture quality and capturing images. These televisions were introduced a couple years ago but have gradually taken off, it's market increasing.
After the introduction and growth stages, a product passes into the maturity stage. The third of the product life cycle stages can be a challenging time for manufacturers. During this stage, the primary focus for most companies will be maintaining their market while facing a number of challenges. Smartphones, Coca-cola and ear buds are just three of many products in the maturity stage. Smartphone manufacturers such as Apple and Samsung are extremely popular among the technologically involved for their phones have many functions, are reliable and have a sleek aesthetic. These companies, like many others, are frequently releasing new models, advertising and luring consumers in to buy their products. Cellphone manufacturers are in constant heavy competition to keep their brand on top. Coca-cola is a second example of a product in it's mature stage in the product life cycle. These carbonated soft drinks are sold in stores, restaurants and vending machines throughout the world. Currently at it's peak, the pop is one of the most popular out there with many strong competitors such as Pepsi. Coca-cola is frequently partnering with various organizations and charities to promote both their product and the cause they're supporting. Partnering techniques are effective and keep consumers buying more, so does the addictive flavour and generally affordable price. Ear buds are a third and final example of a product in it's mature stage. Ear buds are standard listening accessories that come with if not all, but most cellphones, and can also be purchased on their own. Many companies are in the ear bud business therefore there is a lot of competition. To keep their brand on top, companies come up with new, comfortable designs and better sounding ear buds.
The last of the product life cycle stages is the decline stage. Products in the decline stage are at risk but there may still be opportunities for manufacturers to continue making a profit from their product. Desktop PC's are an example of a product in the decline stage. Heavy, immobile and bulky, consumers have lost interest. With the introduction of tablets and portable computers, the once popular PC has lost sales and profit which may eventually result in product withdrawal. PC's are still in the market and companies are continuing to make a profit however they are losing a lot more money. Their market is dying off and PC's may eventually be replaced completely depending whether they make comeback worthy enhancements or not. Stamps are another example of a product in decline. Since e-mail, IM and social networking sites have wormed their way into the majority of the population's lives, few people have the need to buy stamps. As our world grows more and more technologically advanced, less people stick to old forms of communication, resulting in the eventual failure of stamps. Lastly, cable TV services. Cord cutting is a growing trend where people discontinue their cable subscriptions and stick to streaming companies such as Netflix and Hulu. The companies that offer cable services overcharge and what they provide isn't always up to par which is causing a decline in their market and profits. Cable still has room to improve. Will it make the effort before streaming services take over?
Inflatable car seat
Solar-powered current table