The Life Cycle of Iphone

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All product categories have a specific life span called the product life cycle. Many factors, such as competition and technology, affect brands and their product life cycle. Nevertheless, brands or products typically go through five stages of growth: development, introduction, growth, maturity and decline. Characteristics for each stage differ and in response to the different needs of the product as it moves through its life cycle, the market mix used during these stages differ as well. Understanding the product life cycle can help business owners and marketing managers plan a marketing mix to address each stage fully. If a curve is drawn showing product revenue over time, it may take one of many different shapes, an example of which is…show more content…
All these factors led to an inevitable success of the iPhone when it was introduced to the public. Introduction Stage As the product hits the market, it enters the introduction stage of the product life cycle. During the introduction stage, companies heavily advertise their brands and products. Because it is a new product that customers are not yet aware of, the product sales during the introduction stage are generally low. At this time, marketing expenses are generally high because it requires a lot of effort to bring awareness to the product. The marketing mix during this stage of the product life cycle entails strategies to establish a market and create a demand for the product. Companies usually price their brands relatively high during the introduction stage to recoup some of their development costs. Competition is low or non-existent during this stage. Thus, a successful brand concept will usually elicit heavy sales and propel the brand toward the growth stage. Steve Jobs unveiled the iPhone to the public on January 9, 2007, at the Macworld 2007 convention in San Francisco. The first advertisement for iPhone, titled "Hello," aired during the 79th Academy Awards on February 25, 2007 on ABC. The ad features clips from several notable films and television shows over the last 70 years, showing iconic characters answering telephones and saying "hello" or a
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