Op – Art Fashion and the Product Life Cycle

1265 WordsJul 17, 20116 Pages
Topic: Op – art fashion and the product life cycle All products possess ‘life cycles.’ A product 's life cycle, abbreviated PLC, consists of a series of stages, beginning with its introduction to the market and ending with its decline and eventual withdrawal from the market. As a product progresses through its life cycle, its sales and profitability change as it faces changing environmental pressures. Knowledge of the product’s life cycle can provide valuable insights into ways the product can be managed to enhance sales and profitability. Products tend to go through different stages, each stage being affected by different competitive conditions. These stages require different marketing strategies at different times if sales and…show more content…
During the next stage, maturity, there is intense rivalry for a mature market. Efforts may be limited to attracting a new population, leading to a proliferation of sizes, colors, attachments, and other product variants. Battling to retain the company’s share, each marketer steps up persuasive advertising, opens new channels of distribution, and grants price concessions. Unless new competitors are obstructed by patents or other barriers, entry is easy. Thus, maturity is a period when sales growth slows down and profits peak and then start to decline. Strategy in the maturity stage comprises the following steps: (a) search for new markets and new and varied uses for the product, (b) improvement of product quality through changes in features and style, and (c) new marketing mix perspectives. For the leader firm, Step c may mean introducing an innovative product, fortifying the market through multibrand strategy, or engaging in a price-promotion war against the weaker members of the industry; the nonleader may seek a differential advantage, finding a niche in the market through either product or promotional variables. At last, as the sixties swung on, Op-Art prints and the mod look gave way to the swirling prints of psychedelia in the late sixties, then led to more muted colours and organic forms taken from nature, such as the floral art nouveau motifs made popular by Biba and later
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