Derivates Play an Important Role in the Life Cycle of a Product

Vital partnership is an attestation between no less than two relationship to team up in a specific business activity, so that each preferred standpoint from the characteristics of the other, and builds high ground. The improvement of key unions has been seen as a response to globalization and growing unsteadiness and diverse quality in the business environment. Key unions incorporate the sharing of data and ability amongst assistants and likewise the reduction of danger and costs in reaches, for instance, relationship with suppliers and the headway of new things and developments. A key association together is here and there contrasted and a joint meander, yet intrigue may incorporate contenders, and generally has a shorter future. Essential association is an immovably related thought. This article separates significance of key union, its points of interest, sorts, system of course of action, and gives two or three cases examinations of key associations together. This paper tries to join the degree and piece of publicizing limits in the confirmation of sufficiency of key organizations. A couple of proposals from an advancing viewpoint concerning the examination of association together process are point by point. On the preface of the suggestions, a framework is made for future

In marketing, there is a tool that is very useful to marketing strategy development. This tool is known as the product life cycle. The product life cycle goes through four stages before it is complete or starts over again. The life cycle starts with the introduction of a product, and then the product begins to grow as it is recognized by more markets and is delivered to through more channels. After the growth period, a product reaches maturity where there has competitors and sales do not match up with profit. This is the time where marketing strategists reevaluate and try to remarket the product. The last stage is the decline. This is where the seller decides to cut

Pricing is an important aspect in examining the stages of the product lifecycle: raw materials extraction, materials processing, product manufacturing, wholesale and retail outlets, purchasing and consumers and product waste and recycling. Lifecycle pricing exist to bring to light all aspects of the product’s lifecycle and the true price/cost it incurs. Lifecycle cost can be defined as “the total estimated cost to be incurred in the design, development, production, operation, maintenance, support, and final disposition of a major system over its anticipated useful life span”. (Hassn, Zaina, 2014) There is much to be studied here in

At maturity stage, profit began to decline, as products and promotional has already meet the needs or desired of customers, companies will maintain to increase sales and market share at the expense of competitors so as to extend the life of product. The sales will stagnate, cost are minimised, maximised of profit level and fierce competition.

In the market, a product’s sales and profits alter with time. The method demonstrates from high to low as well as low to high. The product life cycle phenomenon is like the same of human life, from birth, growth to maturity and ultimately to decline. Products just through analysis of marketing, research and improvement and then gets into the marketplace, its life cycle be considered the root. Products out of the marketplace indicates the ending of the life cycle of the products (Gorchels, 2000). There are basically four stages of product life cycle, such as introduction, growth, mature and

Once the consumers like the product and realizes it is good quality, then they accept the product and the low pricing help the product create some buzz in the market and have some good techniques.

The price of a product is a key element that produces revenue and is the most flexible because price changes can occur quickly if needed. The decision to place a price on a product can be complex thus, warranting marketers to consider a number of elements; the company, its marketing strategy, target markets and brand positioning, the customer, and the competition and the marketing environment. Companies generally set prices according to the geographical demand and cost, market segment requirements, purchase timing, order levels, delivery frequency, guarantees, and other factors (Armstrong & Kotler, 2009).

Product life cycle refers to the stages a product goes through as it exists in the market from its first introduction to its final withdrawal, (Berkowitz, 2016). The four stages in the product life include: introduction, growth, maturity and decline. This paper will examine the product life cycle and the market tactics to be used based on the following stages: the introductory stage; a newly opened urgent care center that is owned by a large hospital system, the growth stage; a primary care medical group that has been in existence for ten years and has a stable patient base and the maturity stage; a mother baby unit with a ninety-nine percent market share but a declining of deliveries.

Through pricing, the organization manages to support the cost of production, the cost of distribution, and the cost of promotion. The product range and how it is used is a function of the marketing mix, the range may be broadened or a brand may be extended for tactical reasons, such as matching competition or catering for seasonal fluctuations. Alternatively, a product may be repositioned to make it more acceptable for a new group of consumers as part of a long-term plan.

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.

Also, customers who have tried the product earlier may remain loyal. In the face of such opportunity, new competitors will start entering the market and they will introduce new product features and hence, expanding the market, leaving the product's price constant or fall slightly. Here, a company, in order to stay competitive in the market, should keep on promoting its product. In addition, profits start to increase. The firm has several strategies to stay in the rapid growing market as long as possible. Also, the firm improves the product quality, adds more distribution channels, changing the advertising theme - from promoting the product to the market to reminding the market on the availability of the product as well as to increase awareness. The firm also lowers the price in order to attract more buyers.

It has been well established that Product Life Cycle (PLC) concept has a significant impact upon business strategy and corporate performance. Since the term was first used by Levitt (1965 ) in an Harvard Business Review article “Exploit the Product Life Cycle” the concept has been widely accepted and applied by marketing practitioners all over the world.

“The product life cycle applies biological knowledge to products. In nature, a seed is planted, begins to sprout, becomes an adult then eventually withers away and dies. The product life cycle focuses on introduction (seed), growth (sprout), maturity (tree) and decline (death) phases. Each phase has its own marketing mix strategy and implications regarding product, price, distribution and promotion.” (Griffin, 2015). The product life cycle has four plainly characterized stages (Introduction, Growth, Maturity and Decline), each with its own qualities that mean various things for businesses that are attempting to deal with the life cycle of their specific items.

A business is classified as being one’s profession or occupation. Whilst running or contributing to a business you require objectives and goals to help direct, control and review the success of business performance (1). Lack of business goals or revenue goals can be consequential for the business, as it means no set plans for what you want to achieve which is a necessity whilst running a business. The main goals of a business normally consist of growth, managing the product life cycle, and sales and profits, business. Business growth is normally determined by number of sales or value of output, this leads to the encouragement or discouragement to expand a business as well as enhancing its competitiveness in the business industry (2). Managing the products life cycle mainly consists of four phases, which are:

Product life cycle has one of the most attractive and central concept in marketing theory and practice. Today, it is one of