Product Life Cycle

The project assigned to me was to study the product life cycle of any organization in the country. I decided to choose one of India’s prevalent companies in a sector that has hastily full-fledged over the last few years and a company that has been made Mr.Kenichi Ayukawa

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.

The strong competition among rivals pursuing a similar strategy is vastly based on product differentiation and a niche market attraction, as companies are constantly working to surpass their competitors and seek to provide just what certain consumers want.

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.

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

The product life cycle is an important concept used in marketing. It’s about identifying the stages a product passes through from when it was initially an idea to when it is removed from 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;

The Product Life Cycle theory was developed by the economist Raymond Vernon in 1966 and this theory is a widely used model in economics and marketing. According to Raymond Vernon, a product has a certain life cycle. It begins with its research and development stage and ends with its decline stage. The product life cycle consists of four stages which are introduction, growth, maturity and decline stages. Millions of products are produced and consumed every year around the globe and these products have a life cycle. Existing or long-established products will become less popular and also the demand for new, innovative products will increase rapidly after they are launched.

The product life cycle is the measurement of the products portfolio to measure the different stages of success.

* Marketing-related Concentric Diversification: When a similar type of product is offered with the help of unrelated technology

1. Provide an example of a product that is at the introduction stage of the product life cycle.

Growth stage - In this stage, sales and profits start to grow as company gains economic scale of production and marketing.

➢ Product differentiation - Products that are relatively the same will compete based on price. Brand identification can reduce rivalry.