Product Life Cycle Essay

There are many opportunities available for companies willing to venture into new, international markets. Reaching more customers and therefore, turning a larger profit are two fairly obvious reasons for companies to consider global expansion. However, the potential benefits do no end there. Expanding to international markets can hold less obvious, yet extremely beneficial appeals such as access to new and different talent pools, grander output requires great advances in efficiency, and international expansion can, in some cases, aid in “future proofing” the company.

Life Cycles of Products The definition of a product is "anything that is capable of satisfying

Finally, there should be emphasis on innovation, for example, the development of new goods and services. As per the current situation, the company has a lot on ongoing projects with some nearing completion like Accurate Financial. A mobile phone application is also being developed to be used by the company on prospective customers.

Dividing the market into different geographical units such as nations, states, regions, cities or neighbourhoods.

* It also helps the company in ensuring that it stays competitive in the market.

will have the money to spend on our products. There is a low inflation rate, which shows us that

Additionally, the company will deliver, invest, and brand their products in every major market across the

With the success of the company and the offerings of reasonable prices with bulk discounts, broad product

There are several different market structures in which organisations can operate. The type of structure will influence a company’s behaviour and the level of profits it can generate. The structure of a market refers to the number of businesses in a market, their market shares and other features which affect the level of competition in the market. Structures are classified in term of the presence or absence of competition. When there is no competition, the market is said to be concentrated. A scale from perfect competition to monopoly can be found below.

The company is focused on meeting the demand for products to correspond to growing consumers interests in:

The number of companies operating internationally is growing at a rapid rate. This has forced companies to gain an understanding of international business and the cultural differences they need to know when they are dealing with the country.

includes isolating a wide target market into subsets of buyers, organizations, or nations who have

It maximizes profitability and provides opportunities to expand business ( in line with the company’s mission).

The strategy or objectives of a business will greatly influence the course of action they will take. The most effective and efficient way to segment a market can depend greatly on the type of product or service and, ultimately, their goals for a strategy. I find it interesting to know that companies will consider factors such as psychographic and behavioural methods in particular because they are not things I automatically assume are important to a business. Demographic, benefits and geographic factors appear much more important to me but on further study i realised that businesses will use a combination of a the methods to be more effective. Companies such as Black Milk, who earn most of their profits online consider demographic, behavioural and psychographic much more than geographic methods as the internet offers them a channel for greater customer scope than if they were to target particular locations.

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: