The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development , introduction , growth, maturity , and decline .
As mentioned earlier, the product life cycle is separated into four different stages, namely introduction , growth , maturity and in some cases decline .
Definition : Product life cycle ( PLC ) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. In this stage, sales take off, the market knows of the product ; other companies are attracted, profits begin to come in and market shares stabilize.
Example of the Product Life Cycle 2018 Self-driving cars are still at the testing stage, but firms hope to be able to sell to early adopters relatively soon. Growth – Electric cars. For example , the Tesla Model S is in its growth phase. Electric cars still need to convince people that it will work and be practical.
Product life cycle diagram is the graphical representation of four stages of a product life namely: Introduction, Growth , Maturity and Decline phase. Product life cycle also called PLC is a concept of marketing that tells about the various stages of a product in its entire existence period or life .
What are the 7 stages of a new product development process? Concept /ideation. Feasibility study and design planning. Design and development. Testing & verification. Validation & collateral production. Manufacture/launch. Improvement.
The product life – cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.
Coca – Cola is a great example of a product that has had a very long product life cycle . Since being introduced in 1886, it has spent the majority of its life in the maturity stage. However, its sales over recent times lead to the question of whether it is has now entered the decline stage.
The introduction or development stage is the starting point for a product life cycle . The characteristics include limited sales and possibly losses. Development elements include brainstorming, requirements analysis, preliminary and detailed design, prototyping and manufacturing.
Marketers usually classify consumer products into these 4 types of consumer products : Convenience products . Shopping products . Speciality products . Unsought products .
The Product Life Cycle (PLC) is the life span of a product from development , through testing, promotion, growth and marketing, to decline and perhaps regeneration. 1. Each product or goods has a life cycle like human beings, plants and animals .
During the introduction stage , the product is promoted to create awareness and develop a market for the product . In the growth stage , the firm seeks to build brand preference and increase market share. The primary objective during the maturity phase is to defend market share while maximizing profit.
ABSTRACT Many high‐technology products are characterized by a “ short ” product life cycle (PLC)—a short life on the market, a steep decline stage and the lack of a maturity stage.
Sony VCRs are an example of a product in the decline stage. The demand for VCRs has now been surpassed by the demand for DVDs and online streaming of content. Sometimes companies can improve a product by implementing changes to the product, such as new ingredients or new services.