Product Life Cycle.

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Presentation transcript:

Product Life Cycle

4 Stages of a Product Life Cycle Product life cycles are based on the biological life cycle an example: Introduction Seed is planted Growth It sprouts Maturity Plant puts down roots and grow leaves Decline After period as an adult plant it dies

Graphic Representation of a Product Life Cycle http://www.marketingteacher.com/Lessons/lesson_plc.htm

Introduction Companies seek to develop product awareness and a market for the product through: Product Branding and Quality Level – intellectual property protection, patents, and trademarks Pricing – is very competitive to establish a market product Distribution – Selective until a demand or want is established for product Promotion – aimed ant innovators and early adopters. Marketing is aimed to educate consumers and build product awareness. http://www.quickmba.com/marketing/product/lifecycle/

Growth Stage In the Growth Stage Companies try to build brand preference and build market share for their product. Product quality is maintained Pricing is maintained as the demand increases with little competition. Profits rise Distribution channels are added to increase product delivery to market. Promotion is directed at a wider buying market. http://www.quickmba.com/marketing/product/lifecycle/

Maturity Stage In the maturity stage sales growth for the product begins to slow. Competitive products begin to appear. Primary objective is to defend market share. Product features are added to keep the product different from the competition Pricing is lower because of new competition. Demand starts to ease toward end of this stage. Distribution is intense and has incentives are offered to maintain market share. Promotion stresses difference from other products http://www.quickmba.com/marketing/product/lifecycle/

Decline Stage A the sales of the product continue to decline the company has three options Maintain the product by adding features to attempt to revive sales. Harvest the product –reduce the cost and try to maintain product for a niche market of loyal customers. Discontinue the product, liquidating remaining inventory, or sell to another company that may maintain or continue the product. http://www.quickmba.com/marketing/product/lifecycle/

Examples of Different Stages of the Product life Cycle Introduction Growth Maturity Decline Third generation Mobile Phones Portable DVD Players Personal Computers Typewriters E-Conferencing E-Mail Faxes Hand Written Letters All-in-one Racing Skin Suits Breathable Synthetic Fabrics Cotton T Shirts Shell Suits Iris-Based Personal Identity Cards Smart Cards Credit Cards Check Books http://www.tutor2u.net/business/marketing/products_lifecycle.asp

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