Introduction to product-life cycle, Marketing Management

Assignment Help:

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

2.       Growth

3.       Maturity

4.       Saturation

5.       Decline, and

6.       Obsolescence

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

1.       Introduction

2.       Growth

3.       Maturity

4.       Saturation

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. 


Related Discussions:- Introduction to product-life cycle

Check, Explain the involving marketing tourism using diagram

Explain the involving marketing tourism using diagram

Core concept marketing, what you mean by core concept marketing?and types

what you mean by core concept marketing?and types

Business environment, assess the impact of fiscal and monetary policy on bu...

assess the impact of fiscal and monetary policy on business organisation and their activities ?

What is the drawback of marketing concept, What is the drawback of marketin...

What is the drawback of marketing concept? Marketing Concept: Drawback: This has led to many social and environmental ills as pollution, drug abuse etc.

Bcg matrix, how we can compare our product with other company''s product in...

how we can compare our product with other company''s product in BCG matrix

What marketing strategies, What marketing strategies are appropriate at eac...

What marketing strategies are appropriate at each stage of the product life cycle? How can a company build and mange its product mix and product lines.

Propose an effective extended marketing mix, Question 1: You work for a...

Question 1: You work for a new regional airline that has recently started serving Mauritius. It is a low-cost budget airline. a. Explain what are the characteristics of ser

Compare the spot prices with the futures prices, i)  The monthly (or whatev...

i)  The monthly (or whatever period the futures contract is specified in) listed price of each of the four contracts for a period of 12 months. ii) The monthly spot prices for e

Implementation and control program - marketing budget, On the basis of your...

On the basis of your analysis of the marketing system discuss likely future developments and the opportunities and threats for existing market players and potential new entrants. I

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd