Product Life-Cycle Model Essay

The first stage is problem recognition. This is where the consumer becomes aware that they need or want something. For example, say that the consumer is watching television and a commercial for new tennis shoes comes on, they now remember that they are in need of new shoes due to the fact their old ones are worn out. The second stage is information search. This stage is when the consumer thinks back to previous shoes that they have purchased, to get an idea of what they want their new shoes to provide for them such as comfort or style. The consumer also asks friends and family members what they prefer so the consumer can compare it to their preferences. Also, if the consumer wants to go into further research they can go to different stores and compare products and prices. The third stage is evaluation of alternatives. In this stage the consumer may decide they want sandals or dress shoes instead of tennis shoes. The fourth stage is purchase decision. This stage lets the consumer decide where they want to purchase their product and how they are going to pay for it, whether it is with cash, check, or credit card. The fifth stage is the official purchase and the sixth stage is the post purchase evaluation. The sixth stage is when the consumer tests the purchased product to decide if they are satisfied with the outcome. Although there are six stages of the consumer buying process that doesn’t necessarily mean

The key for the marketer is to determine which stage is the most critical for his/her product.

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.

A product is anything that can be offered to the market to satisfy a customer needs and desires. Product include physical goods, services experiences, events, person, place and etc. It is

A life cycle diagram helps businesses analysis their attempt to identify a set of commercial stages in the life of commercial products, for example, introduction, promotion, growth maturity and decline.

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.

Every year hundreds of products are launched to the market, all vying for shelf space and consumers' attention. However successfully launching a product is not just bringing it to the market (GlaxoSmithKline, 2007). Organizations must examine the product life cycle for the product being introduced to ensure long-term product success.

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.

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

Products have a life cycles Introduction, Growth Maturity, and Decline. (Solomon, Marshall & Stuart, 2012). This life cycle in some ways follows the career cycles of athletes. Starting with the introduction stage; where the parent exposes the child to a sporting activity and introduces the concept to the child to see if this activity is a product that the child wishes to invest his or her time into. Next stage the child chooses one or more activities and the growth stage starts; moreover, the child is excited about the sport and is getting better with each practice and game. Then as the child grows into the maturity stage and takes all their knowledge and skills to a professional level were both their skills and incomes peak. also, during

The product life cycle concept derives from the phases through which a product undergoes, from its introduction, to its growth in the market, to the maturity it attains in that market, to the very last stage of declination. The

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;

However, marketers should not become complacent and they may seek to inject new life into the brand to prolong the growth stage and put off the onset of maturity. A mature product may need a facelift, and marketers must decide whether to support a declining brand or let it die a natural death.

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.