Op – Art Fashion and the Product Life Cycle

In the product life cycle, All-round is found within the maturity stage. Here, sales increase at first but at a slower rate as the market introduces its competitors and increases competition. Sales and profit tend to decline towards the end of the maturity stage. In one strategy, it is important to maintain customer loyalty and satisfaction in order to maintain profitability within this stage. For example, promotional allowances and sales force relationships are essential in having this accomplished. Another strategy is reformulation of the product. All-round has not been reformulated but improvements on a routine basis to the product can help increase market growth.

Due to the growing competition and diminishing market share, companies are opting for different strategies to achieve their survival objectives as well as growth. Companies are thus executing grand strategies to provide their businesses with a clear direction for its strategic actions. These strategies, therefore, aim at both short term and long term sustainability and growth, and they include innovation, market development, product development, and concentration.

A company needs to create a series of programs to differentiate their product from those from its competitors and to appropriately price the product to achieve the maximum demand, in order to set up the dynamics of its competitive strategy (David, 2007). The competitive strategy of a company is also expected to offer better products or services to its customers, at a reasonable cost. Due to the mass influence of the external environmental on the customers’ preference, it is vital for the company to develop an available competitive strategy to be able to solve a series of problems, and ultimately to improve the company’s performance. Those problems include: how to differentiate its products or service from competitors, how to create market segments to maximize demands, and how to offer a wider range of products or services to better meet the customers’ needs at more acceptable costs (David, 2007).

Suppose that we have a company called “Vinolia rental” that rent cars and it is facing competion. The car rental industry is considered to be in the maturity phase of the product life cycle. In the maturity phase, a firm must focus on maintaining their market share in the face of a number of diverse challenges market. Obviously, Vinolia rental must form a strategy to combat against further loss of market share.

The product life cycle is a critical aspect of any marketing plan. At different stages of the life cycle, products need to be treated in different ways, in order to maximise potential profit. The marketing mix should be manipulated in such a way to provide the best return for the business. One of Harvey Norman’s main products includes computers. As computers became a more common product, and entered the maturity stage of the product lifecycle, Harvey Norman approached the market with a price discounting approach to maintain a larger market share than its competitors.

Product life cycle refers to the stages that a product. Changes in demand for the product is the factor that delineates the changes from one cycle to another (Daft & Sanders, 2012). The typical product life cycle has four identifiable stages;

After developing a new product, it will be introduced into the consumer market. Investments need to be made on advertising and other promotional channels to build up customer awareness. Profits

Marketing has evolved through a change in production and consumption due to the advent of new technology (Ranchhod, 2004). The development of technology has also driven the globalisation of communication. During this period, consumers are facing a variety of choices (Jackson and Shaw, 2009). Thus, companies need to actively embrace these changing factors to grow their business and succeed in the marketplace.

There is a definite life cycle of every product and services. PLC is another term of the life cycle of the products, is a model which demonstrates the six diverse stages that a product or service will go through. The PCL illustrates the liveliness of a product from its conception to its ending withdrawal as well as each stage has its own features and differs in length on the basis of the product or service. It is important to recognize the six stages of the product’s life cycle during the introduction of a new product in the market by any company. Because, it needs to take exact marketing activities en every stage with the purpose of having more profit it can.

The aim of this document is to evaluate the level to which market maturity affected the reorientating level that Caterpillar experienced after it was nearly put out of business in the 1980's. It is argued that marketing maturity performed a main part in the company‟s restructuring, as the increase of competitors and the need for item advancement raised the need to create an effective strategy.

In a highly competitive environment, organizations are convinced that the launch of new products in order to stratify the need of consumers can lead to an increase the success of a company. The strategy of launching new products can be successful but it remains some risks. Indeed, the launching from 30 to 35 % of new products has failed. Because of some factors like the high level of advertisement costs and the increasing competition, it becomes more and more difficult to introduce new products on the market.

Established markets generate intense competition during which new and innovative marketing strategies are required and new and existing products are developed.

What stage in the product life cycle (PLC) is the company at? How has the company’s positioning and differentiation strategy changed over time?

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.

“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.