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product life cycle
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Product Life Cycle
four major issues.
Product Life Cycle
The knowledge and understanding of the marketer's product life cycle will allow the company to develop a marketing mix accurately.
Describe the relationship between sales, profits, customers and competitors throughout the life cycle of the product.
Meaning.
Content: 4 stages.
Exemples.
Conclusion.
Introduction stage.
Growth Stage
Maturity stage.
Raymond Vernon
Maintaining market share
Highly competitive
Product development and production process
- Sales growth and profits increase
- Economies of Scale
- More money to invest
- Promotion increased
New product
High expenses
Small market size but trending expansion
The cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high
International Product Life Cycle, which was developed by the economist Raymond Vernon in 1966,
examples
T
Decline stage.
Reference
hen the idea of the product life cycle has been around for some time, and
it is an important principle manufacturers need to understand in order to make a profit and stay in business. The product cycle must take into account every step and, most importantly, growth.
Introduction – Holographic Projection : With a huge investment in research and development, and high prices that will only appeal to early adopters, this is another good example of the first stage of the cycle.
growth stage – Tablet & PCs : There are a growing number of tablet PCs for consumers to choose from, as this product passes through the Growth stage of the cycle and more competitors start to come into a market that really developed after the launch of Apple’s iPad.
Product market will begin to shrink
Substitute product
Market saturation
Change strategy
http://productlifecyclestages.com/
https://www.tutor2u.net/business/reference/product-life-cycle
http://productlifecyclestages.com/product-life-cycle-examples/
https://www.toolshero.com/marketing/product-life-cycle-stages/
Maturity stage - Laptops : Laptop computers have been around for a number of years, but more advanced components, as well as diverse features that appeal to different segments of the market, will help to sustain this product as it passes through the Maturity stage.
Decline stage - Typewriters : Typewriters, and even electronic word processors, have very limited functionality. With consumers demanding a lot more from the electronic equipment they buy, typewriters are a product that is passing through the final stage of the product life cycle.