Product life cycle
Meaning and definition: like a human being, all products have a certain length of life during which they pass through certain identifiable stages. Through the conception of the product, during its development and up to the market introduction, product remains in the pre- Intel stage. Its life begins with its market introduction, then goes through a period during its market grows rapidly, eventually it reaches at maturity and then stands saturated. Afterwards its market declines and finally its life come to an end. The important stages from the view point of the marketing can be grouped into six:
1. Innovation or introduction
5. Decline, and
This is termed as a product life cycle. According to the Philip Kotler, "the product life cycles is an attempt to recognize distinct stage in the sales history of the product." According to the Arch pattern, "the life cycle of a product has many points of similarly with the human life cycle; the product is born, grows lustily, attains dynamic maturity then events its declining year". According to the William J. Stanton, "from its birth to death, a product exists in different stages and in the different competitive environments. Its adjustment to these environments determines to great degree just successful its life will be". Characteristics of the product life cycle: the life cycle is nothing more than the pattern of the demand for the product over time. A basic product life cycle consists of
5. Decline, and
Following points are to be understood in studying the product life cycle concept:
1. No every product goes through every stage. Infect many products never get past the introduction stage.
2. The length of time a product spends in any one stage may vary.
3. Some products may move through the entire cycle in a week.
4. Responsibilities of a product can lead to a, new life cycle. A responsibility is basically changing the image or perceived user of the products.