Product Life Cycle

This stage entails a business’s product to begin to drop in sales, reduce in publicity and popularity, it begins to lose its appeal and competition becomes stiffer and bigger, therefore fewer units are sold.

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

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.

During the next stage, maturity, there is intense rivalry for a mature market. Efforts may be limited to attracting a new population, leading to a proliferation of sizes, colors, attachments, and other product variants. Battling to retain the company’s share, each marketer steps up persuasive advertising, opens new channels of distribution, and grants price concessions. Unless new competitors are obstructed by patents or other barriers, entry is easy. Thus, maturity is a period when sales growth slows down and profits peak and then start to decline. Strategy in the maturity stage comprises the following steps: (a) search for new markets and new and varied uses for the product, (b) improvement of product quality through changes in features and style, and (c) new marketing mix perspectives. For the leader firm, Step c may mean introducing an innovative product, fortifying the market through multibrand strategy, or engaging in a price-promotion war against the weaker members of the industry; the nonleader may seek a differential advantage, finding a niche in the market through either product or promotional variables.

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 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;

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

All products must move through product life cycles. Often the cycles move through each of the four stages: entry or introduction, growth, maturity, and decline. Some life cycles can be extremely short (Oasis). Other products life cycles can last for hundreds of years (Coke). As a product moves through its life cycle, the marketing approach must be adapted to attempt to maintain success or achieve it. The Coca-Cola Company wants for all of their products to be as successful as their number one product, Coke, but they know that this is not possible. The corporation expects for some products to be unsuccessful, they just hope that it is not. There will be multiple characteristics with sale volume and profit generation. Also there will be suggestions to the marketing objectives setting a common product may hold. (Tanner & Raymond, 2010)

This paper will provide an overview of the impact on product life cycle in marketing and the impact the product life cycle has on a product based on a simulation provided by the marketing course. For a better understanding of perceptual Maps, this concept could be defined as graphic illustrations of data provided by rating scales (Business Dictionary, 200). The map on this simulation will be used as valid parameters to develop a marketing strategy. In Marketing, perceptual mapping is considered to a marketing research technique that provides direct input for planning purposes in strategic marketing. These planning tools will be employed in this simulation involving Thunders Rolls Thorr Motorcycle.

The product life cycle goes through a series of phases in order to create the digital camera, whereas the project life cycle includes the ideas, creation, operations, marketing and product retirement

Introduction Stage – This stage of the cycle could be the most expensive for a company launching a new product. The size of the market for the product is

In high-tech industries, the product life-cycle is averaging 1 to 3 years. Approximately 30 years ago, life cycles of 10 – 15 years were not uncommon. Time to market for new products with short life cycles has become

The third stage is desire; at this point you want the information (interest) customers have about your product to create a desire to have your product. A unique selling point will help customers desire it over competitor products. If your product is a trend setter, the latest "must have" product, buzz marketing will help create a strong

The product life cycle consists of six stages, these stages are; planning, defining, designing, building, testing and deployment.