Product life cycle

Tags:
Marketing Technology
What is a product life cycle? How does it work?

Answer Wiki

Thanks. We'll let you know when a new response is added.

Hi,

I have
googled for this and found a helpful article for you http://en.wikipedia.org/wiki/Product_lifecycle
I hope it will assist you in resolving issues.

Thanks
& Regards

Clark
Kent

Discuss This Question: 1  Reply

 
There was an error processing your information. Please try again later.
Thanks. We'll let you know when a new response is added.
Send me notifications when members answer or reply to this question.

REGISTER or login:

Forgot Password?
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy
  • Brijesh
    Hi,
    Hope the below information will help you to understand the product life cycle.

    Product Life Cycle Stages Explained

    The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.

    1.Introduction stage:
                       
                              
    This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like research and development, consumer testing, and the marketing needed to launch the product can be very high, especially if it’s a competitive sector.

    2. Growth stage:

            The growth stage is typically characterized by a strong growth in sales and profits, and because the company can start to benefit from economies of scale in production, the profit margins, as well as the overall amount of profit, will increase. This makes it possible for businesses to invest more money in the promotional activity to maximize the potential of this growth stage.

    3.maturity stage:

                     During the maturity stage, the product is established and the aim for the manufacturer is now to maintain the market share they have built up. This is probably the most competitive time for most products and businesses need to invest wisely in any marketing they undertake. They also need to consider any product modifications or improvements to the production process which might give them a competitive advantage.

    4.Decline Stage:
                 
                            Eventually, the market for a product will start to shrink, and this is what’s known as the decline stage. This shrinkage could be due to the market becoming saturated (i.e. all the customers who will buy the product have already purchased it), or because the consumers are switching to a different type of product. While this decline may be inevitable, it may still be possible for companies to make some profit by switching to less-expensive production methods and cheaper markets.
    9,680 pointsBadges:
    report

Forgot Password

No problem! Submit your e-mail address below. We'll send you an e-mail containing your password.

Your password has been sent to:

To follow this tag...

There was an error processing your information. Please try again later.

REGISTER or login:

Forgot Password?
By submitting you agree to receive email from TechTarget and its partners. If you reside outside of the United States, you consent to having your personal data transferred to and processed in the United States. Privacy

Thanks! We'll email you when relevant content is added and updated.

Following