The Product Life Cycle Essay

The short product life cycle in this industry requires competitors to continuously evolve. This continual innovation is difficult for new entrants to achieve. Also, existing products, such as Apple’s iPhone, have built brand loyalty and associated switching costs for consumers, which pose as barriers to entry for new competitors.

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

Compare your crude vs. pure product yield. List three reasons why they may be different/same.

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

Costco is among the leading global retailers which provide customers a wide range of merchandise, ranging from small to well-known brands. The company began operations in 1983. Over the years, Costco has been a retailer in low cost membership-only leader, in warehouse club of merchandise. Moreover, Costco does not offer frills warehouse business models as its competitors do.  Costco’s major competitors are BJ’s Wholesale Club and Sam Club (Costco, 2010).

Products tend to go through different stages, each stage being affected by different competitive conditions. These stages require different marketing strategies at different times if sales and

On the other hand, prices are the most insignificant buying criterion in High End, Performance and Size segments. No matter how high the prices are, customers in these segments are more preferable to high-tech product. In particular, for the High End and Size segments, ideal position occupies 43% and products’ ideal age is 29%. Furthermore, reliability is the most important consideration to customers in Performance segment. Hence, Niche Differentiation is a proper alternative for these three segments.

The industry has enjoyed global market over the years, thereby providing adequate markets for the products. This owes to the age of globalization that has facilitated the spread of civilizations to different places throughout the world. Diverse nature of the industry provides more opportunities as companies can enlarge their cope to cover areas such as production of toys, books, movies etc. It therefore gives option for companies who can exploit this aspect by enlarging their scope. This enhances profitability of the industry. The technological era gives the industry an edge because firms can enhance their efficiency and effectiveness through the use technology in production and marketing of the products. The cost of production and advertisement is kept low and this makes the industry substantially prescribe low capital for new entrants (Kang, Heo, Choi & Lee, 2014).

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.

The Life Cycle Assessment process comprises four main stages: goal and scope definition, inventory analysis, impact assessment, and interpretation [2,3].

The company that I selected is Johnson & Johnson and the product I will be writing about is Listerine. Listerine was originally marketed by Lambert Pharmacal Company later known as Warner-Lambert. In December 2006, Johnson & Johnson acquisition of Pfizer’s consumer healthcare division is what led to the manufacturing and distribution of Listerine for this company. The inputs put into making Listerine is Raw Materials, design, and the manufacturing process, with these inputs we will analyze them to see how the effect the production and cost of making and selling Listerine.

     Our assignment is to create and promote an innovative product. In developing a new product, we started with an idea generation. This is a systematic search for new-product ideas. Companies go through many ideas before they come to find some good ones. We had to do the same thing. We thought of many ideas on our own. It was more of an internal idea source as opposed to going outside of our partnership for ideas. Our first idea was a restaurant with half of it an actual restaurant and the other half an automobile tuner shop. The next idea was a new energy drink that would be less costly and better tasting. Our next idea came up when we were sitting

This essay will critically evaluate and contrast the two theories; Dunning’s OLI paradigm and Vernon’s Product Life Cycle theory in an attempt to identify which theory may offer a stronger understanding for manufacturing FDI from developed country firms to developing countries. (Wang, 2015)

4. Development: The development stage is where the company 's creates specifications of the product, the design, and prototypes. It is also in this stage that the company considers manufacturing constraints.