Article Product Life Cycle A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
A business organization in order to initiate its business related activities should be aware of the processes that need to be incorporated and maintained for proceeding with development and growth process.
Appropriate and well-informed knowledge about the products to be produced along with the presence of the advanced technology, are the required fields that have to be taken into consideration during the inception of the business organization. PLCM or the Product Life Cycle Management refers to a business solution or a business approach that deals with the aspects involved in managing various processes related to the entire lifecycle of a product.
These processes include right from the inception, designing, manufacture to the service and disposal of the products.
PLM is one of the phases of the entire marketing process, right from the inception of the product in the market till the selling of the products. The people remain aware about the price of the products and about the constituency of the new products launched Yue et al. Hardly, people are informed about the complete process of the PLM or the management of the life Assignment product life cycle of the products that are launched in the market.
In case of the Copernican view of the universe that was devised by Copernicus, people came to know about the whole concept, but they hardly incorporated the fact into life. The product life cycle management shows the manner in which the span of any product is maintained in the market Al-Refaie and Bata The entire process of sales of any particular product reveals a definite pattern or structure.
This pattern of the sales is known as the Product Life Cycle Management. The cycle consists of four definite stages, namely, Introductory stage ,Growth Stage, Maturity stage and Declining stage.
Preceding the Introductory stage, there is the stage of Research and Development. The business firm incorporate specific industrial processes of Research and Development to upgrade and review the quality standards of the product before launching. The next stage is the introductory stage that initiates the process of PLM.
At this stage, the business organization introduces or launches the product in the market. During this time, the demand for the product is minimal, as this is the stage when the consumers are in the process of perceiving the features and the standards of the product.
Growth stage is the second stage of the PLM. This is the stage when the product begins to gain its demand, and the demand graph records an upward rising status. The third stage is one of Maturity. The last or the fourth dimension in the PLM is the Declining stage.
At this stage, sales and the sales revenue of the product begins to decline. This is the phase that shows the fact that it is difficult for any product to continue its demand or sale with the same intensity throughout Stark In relation to the concept Product Lifecycle, many critics and authors did put forth various opinions.
It has been proposed by few critics that that PLM or the Product Lifecycle Management process cannot be taken as a model or framework to measure or anticipate the changes that may occur in the sales revenue that can be incurred from the product, or in its demand structure.
Neither this model can be presumed as a suitable framework for assessing any alternative strategies for the product.
On the other hand, other critics such as Dhalla and Yuseph, opined that the it is not possible always judge the expected sales growth or demand for the product that may take place n the future. It is known that the market for any product is based on the current and expected sales growth as well as on the expected competitive intensity for the product.
Thus, it is also difficult to judge or anticipate at which stage the product can be at any particular time. At the initial stage financial uncertainty is common due to high expenditure incurred to develop the product and investment made for promotion and extensive research expenditure. Advertising and Management — Proper promotion of the brands, in order to develop consumer awareness.
Nutri Grain was launched in and it was an immediate success as it was brought into the market to meet up with the needs of busy life when people hardly have time to prepare their breakfast. The second stage is that of growth stage where the consumer acceptance for the product and the sales rises.
During this stage competitors up grades the information about the product sales and starts developing the competitive products.
It sustained the growth in sales till In maturity stage sales continue to grow up to a certain extent. But, eventually it falls down due to increase in the competition by the competitors.
As competition grows, the producers have to cut the prices for the sake of maintaining the demand for the product Belasco This slowed down the growth of the market for the Nutri Grain.
Elevenses continued to progress with its demand; this was not enough to control the overall sales decline. The last stage in the PLC is the stage where the sale starts decreasing. Profit level is extremely low at this stage as the company has to reduce the price of the product in order to keep make the customers buy the product.
By mid Nutri-Grain found its sales diminishing at the same time the market continued to grow at a very slow pace.
Clearly, at this point, Kelloggs had to make a key business decision Ding et al. Thus, in case of any kind of product, if the quality levels and the ethical standards are maintained judiciously, it becomes possible for the lifecycle of the product to complete the cycle but without losing its constancy in the market zone.Promotion and the Product Life Cycle.
Purpose of Assignment. All products/services go through a life cycle of NPI (new product introduction), growth, maturity and decline. These various stages affect the marketing strategy and promotional efforts.
The Product Life Cycle (PLC) is a useful tool employed by marketers to know and determining at what stage a product is in its life. Most Product Life-Cycle curves are portrayed as bell-shaped (See figure below).
Product Life Cycle. A new product progresses through a sequence of stages from introduction to growth, maturity, and decline.
This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
This pattern of the sales is known as the Product Life Cycle Management. The cycle consists of four definite stages, namely, Introductory stage,Growth Stage, Maturity stage and Declining stage.
Preceding the Introductory stage, there is the stage of Research and Development. Product Life Cycle Worksheet | May 7, Assessment InstructionsUse the Product Lifecycle Worksheet to plan the tasks or tactics for a marketing mix (product, place, price, promotion) in various stages of the product lifecycle (introduction, growth, maturity, and decline).
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A product in its lifetime goes through stages right from its introduction, growth, maturity and decline.