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.

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

The product life cycle is known as the procedure where a product is introduced to the market, expands in popularity,

The impact of product life cycle on marketing is that corporations must always plan products and offerings according to the life cycle. Especially in the durable goods market like motorcycles it is imperative than a manufacturer know the product life cycle in order to maintain market share or grow. In order to maximize life cycle revenues the company must maximize revenues and profits from all sources including warranties, spare parts, and accessories. Service is an integral part of a long product life cycle.

All products have a lifecycle. They begin as an idea that needs Research and Development (R&D) or time to develop. This is a direct cost to the company. Once the product and/or service is ready to be marketed, it goes through five stages: development, introduction, growth, maturity, and decline.

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

The three intensive strategies are Market Penetration, Market Development, and Product Development. These are used to increase the company’s competitive position in the market, increase the market share and sales revenue by different strategies.

Two options: addressing the core business, defending the market segmentation or broadening, moving away from the market segment.

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.

* Redesigned information flows, work processes, and jobs in order to meet customers’ needs and increase their use of profitable products.

Provide an assessment of how you think changing the component/s of the marketing mix affect the business’ performance?

Introduction to the lesson: you will look at the product life cycle and how marketing may change at different stages. Then you will consider the decline stage and how firms such as Kellogg’s may react to this.

The product life cycle is the period of time over which an item is developed, brought to market and eventually removed from the market. The cycle is broken into four stages: introduction, growth, maturity and decline. The idea of the product life cycle is used in marketing to decide when it is appropriate to advertise, reduce prices, explore new markets or create new packaging. The product life cycle has 4 very clearly defined stages, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.

By having an understanding of the product life cycle, businesspeople can make savvy marketing choices. What is a popular item today that you’ve seen go through the product life cycle? Explain the characteristics for each phase of the product’s life cycle. How can each phase of the life cycle impact the product’s brand? After learning about the field of marketing, is it different than what you expected it to be? You must use the text and at least one additional scholarly source

A firm's aim is to survive and grow. Marketing helps achieve this through marketing activities, for example the process of market segmentation leads to the identification of a suitable target market. This identification means firms can manipulate a series of controllable factors- price, place, promotion and product, otherwise known as the marketing mix to produce a positive response in their target market. However a firm must also take into account the marketing environment; these are factors outside the firm's control. These can influence a firm's relationship with their target market; ignoring them can have disastrous consequences.