Compare and Contrast the Characteristics of a Growing and a Mature Product Market

1034 Words Apr 26th, 2012 5 Pages
Essay two
‘Use extended examples to compare and contrast the characteristics of a growing and a mature product market.
Regardless of the value of every product, they all progress through a product life cycle. The phase starts with the introduction of the product and gradually moves to growth, maturity and finally be replaced by new improved products or naturally decline. Each of these stages of product life cycle requires a different marketing mix and research.
The life of a product is the period over which it appeals to customers. The sales performance of any product rises from nothing when the product is introduced to the market reaches a peak and then declines to nothing again. Examples of products that have had short lifespan in
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At the maturity phase apple had to invest more on their product development and increase their sales and popularity. They had less income but more expenses as they had to implement development plans and strategies and increase advertisement. During the phases apple may not have been able to make profit but they gradually came up with new ideas and increased income.
Summing up the product life cycle has a significant impact on the business strategy and performance including marketing and product development. It also helps the business determine when it’s reasonable to eliminate certain product, what are the consequences and also work on substituting it with new innovative product. But with the benefits there are also some limitations of product life cycle. As Products, companies and markets are different, so not all products or services go through every stage of the PLC. There have been many cases where products have gone straight from introduction to decline, usually because of bad marketing, misconceived features, lack of value to the consumer or simply a lack of need for such a product. However, even if products would go through every stage of the PLC, not all products/services spend the same length of time at each stage. This adds another level of complexity in determining which PLC stage the product is in and consequently, which strategy to apply (ref: marketing91.com; limitation PLC; online).
Hence, there are both benefits and limitations of product life cycle
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