Exploit The Product Life Cycle Theory

When a new product is launched into market, it will go through four stages of product life cycle, which are introduction, growth, maturity, and decline (Kotler and Armstrong 2001). The first three stages, however, may be the optimal period at which the effect of sales promotion can be maximized. Therefore, features of the first three stages and the corresponding marketing targets will be discussed in the following subsections.

Product- A product is anything that can be offered to a market to satisfy a want or need, products include physical goods, services, experience, events, persons, places, properties organisations, information and ideas. It is therefore the combination of goods

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

Market Maturity Stage - industry profits declining; monopolistic competition or oligopoly and moving toward pure competition because a variety of "me-too" products are available and consumers begin to perceive them as "all the same," causing promotions to be persuasive and reminding in nature; price dealing and cutting common; product widely distributed.

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.

The introduction stage is when a new product is made and it is lunched into its new market. Some problems that people face in this stage is people don’t know what the product is or they don’t know what it does. So most of the money in this stage is spent on explaining to people what they product does. In the growth stage the market is starting to like and accept the product and sales start to grow. Problems that people run into hear is the sceptics people who don’t believe in the product or don’t see a need for it. So to solve the problem is showing and convincing these people of the need and why it will help them and make their life easier. The maturity stage is when people know of the product and what it does. In this stage this is when sales will reach its peak. Some problems in this stage is up and coming products that are similar to yours and could do more then your product and offers more of a need. So to solve that problem innovate your product. Don’t get complacent at where you are with the product keep evolving the product and keep making better and more appeling. Then there is the decline stage. In this stage the product had become old something better has been created or come a long. This is when sales start to fall. To solve this problem is creating a new product or make server changes to the existing product that makes it better then the

Third, the effects of the product life cycle, which is “Four distinct but not wholly-predictable stages every product goes through from its introduction to withdrawal from the market: (1) introduction, (2) growth in sales revenue, (3) maturity, during which sales revenue

A product refers to item which satisfies the need and wants of consumer demands. Product

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

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

Herman Miller has been in the business for over 90 years and is known for its innovation and design processes. Through more than a few name changes, changes in leadership, and difficult economic times, Herman Miller has managed to keep its hold on the market. It remains the leader in innovation and design processes by remaining committed to Research and Development and continues to commit to it even through rough financial times. There will be several areas of focus during this analysis including competitors, competitive advantage analysis and recommendations on how Herman Miller can continue to be the leader in the industry after analysis of the industry that they are in. This paper will look at the production processes, Human Resources, marketing and other areas that help Herman Miller keep its competitive advantage. Herman Miller has shown to have great commitment to both the environment and their employees and they have strong customer and employee loyalty which will be explored in this paper.

This indicates that the company is on maturity stage of product life cycle (Rink & Swan, 1979). Theoretically, mature stage brings a continued reduction in costs (Rink & Swan, 1979). The feature to indicate this situation is the financial statement (a decreasing cost of goods sold / COGS per unit). However, funds spent on research to improve power to size or heat resistance will increase COGS per unit. Consequently, financial statement may not clearly show that the company is on maturity stage.

New products are introduced to the market in order to fill a gap a consumer believes to exist. Therefore new products satisfy the needs and wants of the market. Firms benefit greatly from the successful introduction of these new products into the market. As a result, firms spend a considerable amount of time, money and resources on new product development. This report is going analyze the new product development process. The report is also going to examine eight steps needed to complete a new product development process.

There are many techniques of new product development in a new market effectively such as test market, experimentation, learning from failure, entrepreneurial culture, observation and co-creating etc. (Kahn, 2012). The best new product development techniques for Tommy Hilfiger in respect of expanding its business in Dubai in relation with its clothing line are as follow:

Product – Product can be defined as the goods or services which is made to fulfil customer’s demands and needs. While making the product company should take care about its quality and features must be according to the customer’s needs to satisfy them.