Definition Of A Product Life Cycle Marketing Essay

translation Of A wargon spirit Cycle Marketing EssayA crossroad is anything which is capable of congenial customers chooses. harvest includes both physical or tangible proceedss (mobile,car, type writer, computer, bike) and intangible overlaps or services (health care, banking, insurance). translation of a harvest-home life sentence Cycledefine what a product sprightliness cycle isIt is the diaphragm of time over which an item is developed, brought to market and eventu e precise last(predicate)y removed from the market.ORThe stages through which a product develops over time is called increase Life Cycle (PLC).ORThe product life cycle is marketing CONCEPT that describes the way the revenues from the sale of a product behave over time. confronts of a Product Life CycleThe product life cycle is broken down into foursome phasesIntroductionGrowthmaturenessDeclineThe Product Life Cycle (PLC) Curveplc, product life cycle curveFor all products, the life cycle is drawn is the f orm of a mount shaped curve. The starting of the curve mark the introduction stage the slope indicates growth stage top of the curve signifies due date and the graph ends in the crash stage.Theory of PLC Biological Life Cycle Versus Product Life CycleThe concept of Product Life Cycle is based on biological life cycle. For instance, when a seed is planted (introduction) it begins to hit (growth) it shoot let out f pocket-sizeers and leaves (maturity) and after a defined period of time, it starts to shrink and eventually die out (decline).Human beings also pass through the same phases of introduction, growth, maturity and decline in their lives. The same hypothesis applies to a product. When a new product is launched in the market, it starts gaining customers then it stabilizes and becomes mature then after both(prenominal) time, it is taken over by the introduction of better and superior competitors therefore, it is withdrawn or harvested from the market.Benefits of Using a Pr oduct Life Cycle for RevenueMARKETING managers consider product life cycle as an important measure of sales revenues. As you can see it from the figure, the slope of the curve denotes the sales of a particular product. The much than the slope then more the sales. When a product is introduced in the market, the sales are negligible.Due to marketing promotion efforts, the demand of product starts to rise and as a result roughly revenue is generated. When more and more customers begin to buy the product, the revenues of the product reaches to maximum this stage is called maturity.A product can stay in maturity for several weeks, months or years depending on the external and infixed market conditions and resources.Finally, when a product better in features and functions is launched by a competitor into the market, the sales starts to decline in some cases, companies have to disengage their products or services.Product Life Cycle Management (Marketing)/ PLCMProduct life cycle manag ement (or PLCM) is the succession of strategies used by business management as a product goes through its developmental life cycle. The conditions involving the promotion and sales of a product, involving market saturation and ad vary over time and must be managed as it moves through the different stages of succession.What is Marketing alloy?A marketing mix is a pre-planned assortment of all those controllable elements which are involved in the planning of a products marketing. they include the following 4PsProduct (often substituted by Presentation)PricePlacePromotionThese four elements are adjusted until the correct combination is reached befitting the requirements of a products customers, while generating optimum income.How to Create a Product Life CycleFirst StageIntroducing the Product Brand BuildingFor the product life cycle to begin, the product must be launched in the market. This is done after localize market is determine and ensured that the need for your product or s ervice exists.At this stage, sales will be very low because customers are not really aware about the product and its benefits.Generating Demand Promotion, Advertising, MarketingThe cost of advertisement and initial distribution is very high as companies intend to create awareness of the product and target early adopters. The destination is to build market and generate demand.Stage 1 Marketing Mix ImplicationsYou need to have a fair idea of marketing mix implications for each stage.ProductProducts are very less in numberPriceSome companies keep the price to high so as to cover their costs whereas others tend to keep it low so as to attract more and more early adopters. dispersalInitially, the distribution is done selectivelyPromotionCreation of awareness is the only goal of the promotionGrowthWatch how the product is establishing market and do profit in comparison to the competitors. observe the focus on the promotion efforts. Notice how slowly or rapidly the product is gaining cu stomers and generating profits.More and more retailers will be interested in carrying your product. Remember the goal of growth phase is to increase sales and gain customer preference.Second StageStage 2 Marketing Mix ImplicationsProduct forward motion of the product quality.PriceIf the demand of the product is high, price is maintained at high level whereas if you wish to target additional customer segments, reduce the price.DistributionTo intensify distribution, discounts are endureed to the retailers.PromotionImproved the promotional efforts.MaturityYou will observe that your product has met market saturation. Eventually, there will be a tag increase in sales and it will become a challenge for the marketing and sales team up to maintain the market share as new competitors would be penetrating into the market.Increase promotional efforts and offer more discount to the retailers in coif that they give your more shelf space than competitors. The goal of maturity stage is to ext end product life cycle while maintaining market share.Third StageStage 3 Marketing Mix ImplicationsProductProduct is differentiated from those of competitorsPriceMaximum possible diminution in prices to be madeDistributionRetain existing distributors by offering discounts as fountainhead as searching for more channels of distributionPromotionIntensive promotion efforts in order to establish brand loyalityDeclineCarry out amarketing analysis or a survey to nonplus out how customers perceive the product currently. If the interest and demand is low, think of ways to take the product keister to profit making position.Possible ways could be the creation of new target segment and making modifications in the product. The goal of decline stage is either to maintain the product or discontinue it. fourth part StageStage 4 Marketing Mix ImplicationsProductFewer products left in the product line.PriceIf the product is to be maintained, the prices are retained. In case of termination, prices are reduced to liquidate inventory.DistributionChannels are phased out gradually.PromotionAdvertising expenditure reaches a minimum levelExamples of Product Life Cycle (PLC)Set out below are some suggested examples of products that are currently at different stages of the product life-cycleINTRODUCTIONGROWTHMATURITYDECLINEThird generation mobile phones movable DVD PlayersPersonal ComputersTypewritersE-conferencingEmailFaxesHandwritten lettersAll-in-one racing skin-suitsBreathable synthetic fabricsCotton t-shirtsShell Suitsiris-based in the flesh(predicate) identity cardsSmart cardsCredit cardsCheque booksPopular Cases of Product Life CyclesPepsi Product Life Cycle maturementCoca Cola Product Life Cycle DevelopmentKellogs Product Life Cycle DevelopmentApple Product Life Cycle DevelopmentNokia Product Life Cycle Development