The Product Life Cycle How Marketers Measure Progress.

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Presentation transcript:

The Product Life Cycle How Marketers Measure Progress

Warm Up Activity Think of Products that fit the following criteria:  3 Products that are new (came out in the last 6 months)  3 Products that have recently become really popular, so sales are going up  3 Products that aren’t doing so well – their sales seem to have been dropping, and are not very popular anymore

Warm Up Activity  3 Products that have been around for a long time, and you have been buying them for years. You still see ads for these products, and it seems like they have been on the market ‘forever’  3 Products that you used to buy, or once owned, but have discontinued (think of old gifts)

The Product Life Cycle DECISION POINT

Introduction Stage  A Product Launch is when a new product is introduced to the market  The scope of a new product launch can vary from local to international  It is very costly to launch a new product or service, so a company must spend a great deal on research and development before bringing it to market

Growth Stage  Advertising is most crucial in this stage  In this stage the product will either become popular or fail  If the product can enter the market quickly then it can grow very rapidly without any competition

Maturity Stage  In this stage sales will either increase slowly or begin to level off  At this stage the manufacturer has recouped all of the research and development costs  At this point the company may choose to expand the brand or develop it further

Decline Stage  The product enters this stage when the manufacturer is no longer able to find new customers  At this point the company must analyze the market to determine what is causing the decline  Various methods might be used to increase sales again such as prices changes, product redesign, new ad campaigns, etc.

Decision Point  At this point the company must make key decisions regarding the future of the product  They may choose to end the brand altogether, or try to reformulate, repackage, and reintroduce the product  It can also involve new promotions and new pricing strategies

Where Are They On The PLC?  CD Player

Where Are They On The PLC?  I-Pod

Where Are They On The PLC?  Blue Ray Player

Where Are They On The PLC? iPad

 Pokemon

Where Are They On The PLC?  DVDs

Where Are They On The PLC?  Monopoly

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