Product Life Cycle ( Plc )

Apple Inc. commonly known as Apple has effectively managed to be a successful company in a very competitive consumer electronics industry by been innovative and differentiating the company’s products with similar products in the markets by offering high quality products and good customer service while the actual manufacturing of the products is outsourced to trusted third party suppliers. On a wider perspective, the company has set high standards that even the company itself has to be on its level best to maintain the standards that it has set. Over the last few years, the consumer electronics market has

Apple was established as an IT company dealing in exclusively in computers. However, competition in the technology sector forced the firm to focus on other consumer products. The diversification strategy has seen Apple’s sales grow tremendously in the last decade, earning the firm the No. 1 brand position at Forbes. The Apple brand is recognized on an international scale and enjoys a strong recognition thanks to its aggressiveness when it comes to creativity and innovation (Tar, 2013). It has a large number of loyal customers who would purchase the new products regardless of the market price, which guarantees profits from the new division.

26. Explain briefly the product life cycle concept with reference to a banks product. Selection development and launching a product are equally important comment.

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

We discussed in the previous theme the development of a market and how to determine if a product fits or if it needs alteration. Now, we look at the product in the marketplace and how long it can survive.

Issue 02: Apple is a wildly successful company that generates billions of dollars in profits every year. This is one of the strongest examples of how a company with the right strategy, great products, a strong leader and the willingness to take some risks can become vastly successful. The market in which Apple is strong has intense rivalry for market share. Apple is challenged with staying ahead of its competitors and maintaining long-term relationships with its customers. In order to stay ahead of the competition Apple is forced to keep product innovation a top priority. I would maintain a Blue Ocean Strategy to market our product and maintain our competitive advantage (McGraw-Hill Irwin, Page 152). The company has a strong and loyal customer base which will allow Apple to concentrate the focus to highlighting the features of our products. I will not focus on what our competitors can and cannot do; I will focus the attention to the benefits of having Apple products. Strategic marketing campaigns highlighting the different uses and features of the popular iPhone and iPad will headline the campaign.

The product life cycle is a critical aspect of any marketing plan. At different stages of the life cycle, products need to be treated in different ways, in order to maximise potential profit. The marketing mix should be manipulated in such a way to provide the best return for the business. One of Harvey Norman’s main products includes computers. As computers became a more common product, and entered the maturity stage of the product lifecycle, Harvey Norman approached the market with a price discounting approach to maintain a larger market share than its competitors.

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;

Even though Apple has encountered many setbacks, it continues to bring new and improve products to the market. Apple’s competitive strategy has been innovation. They have made an extraordinary effort developing, implementing, and executing its very unique strategy through innovation which has resulted in new product, and the enrichment of the existing ones. More specifically, Apple attempts to meet and supply the needs of a global market, by offering eager and enthusiastic consumers with innovated and high-quality products and services. Apple has employed a differentiation strategy linked to innovation with its three core products (computers, personal media player, mobile phones, tablets and other accessories). A key piece of their strategy involves meeting the needs of the converging digital electronics and computer markets. Apple has elected to implement its strategy by designing and developing proprietary operating systems and software technologies, thus allowing for strict protection of its intellectual rights.

Apple has done an excellent job of developing a very distinct strategy through industry leading innovation. This strategy has allowed them to be the frontrunners in new product introductions and the improvement of existing products. Apple has employed a differentiation strategy in an attempt to meet the needs of a global market by offering customers innovative new products and improved existing products. An important part of their strategy involves meeting the needs of the evolving digital electronics and computer markets. Apple has chosen to implement its strategy by designing and developing its

Apple also understands that all aspects of customer experience are important thus, they have expanded and improved its distribution by opening up retail stores around the world, or thru its online retail stores and authorized re-seller. Lastly, from a brand architecture viewpoint, the company maintains a “monolithic”

Apple operates with fierce competition in the consumer electronics segment which comes in many different forms. There are a large number of competitors in the different market niches who offer many similar products. Furthermore, many of these competitors' products are priced much less than an Apple branded products. Just as soon as Apple releases a new product, major companies begin imitating it immediately. In the personal computer industry, market pressure is continuously being exerted from such companies such as IBM, Dell, HP, and Toshiba (Wildstrom, 2009). Furthermore, with its flagship product the IPhone, Apple competes with companies like HTC, Palm, Blackberry, and Motorola (Wortham, 2011). Apple has had significant success despite the competitive environment because Apple commands a brand loyalty and dedication to innovation that few companies have ever achieved.

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

“One of the purposes of a consumer promotion is to elicit a direct impact on the purchase behaviour of the firm’s customers” (Kotler, 1998; Blattberg and Neslin, 1990). “Successful promotions reflect brand image and objectives”

A product is one of the elements of the marketing mix; a product in business terms is anything offered in a market to meet a need or want (Bowman &Gatignon, 2010). According to the concept of total product, there exist three stages of a good or product. The main product appears in the centre of the whole product. It is seen as a basis group