Product Life Cycle. What do these groups of products have in common? Chequebook Typewriter Handwritten letters E-mail Portable DVD players Touch Screens.

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Presentation transcript:

Product Life Cycle

What do these groups of products have in common? Chequebook Typewriter Handwritten letters Portable DVD players Touch Screens Organic Food Personal Computers Credit Cards Faxes Hybrid Cars Blueray Voice Recognition Eye scans

Answer: They are all in approximately the same stage in the Product Life Cycle

What is the PLC? based upon the biological life cycle. For example: a seed is planted; it begins to sprout; it shoots out leaves and puts down roots as it becomes an adult; after a long period as an adult the plant begins to shrink and die out

Products follow a very similar pattern, illustrated by the PLC. The Product Life Cycle has 4 stages: 1.Introduction 2.Growth 3.Maturity 4.Decline

The 5 th Stage The final stage of the PLC is known as the Decision Point. At this stage, marketers must make important decisions regarding the product’s future.

PLCs describe the changes in consumer demand over time No product can be in demand forever –Changes in trends, lifestyles, technology, etc

Problems with the PLC In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from introduction to maturity by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in.

What types of supply situations would match the stages in the product life cycle? Monopoly Oligopoly Pure Competition

Monopoly = one supplier Introduction phase Examples? Oligopoly = a few suppliers Growth phase Examples? Pure Competition = many suppliers Maturity phase Examples?

Pulling it Together: The Product Life Cycle Sales are low to stimulate demand Money spent on promotion Sales level off Higher competition Less promotion More sales and competition Monopoly Monopolistic Competition Oligopoly Pure Competition

Nontraditional PLCs Fads Trends Niche Seasonal

Fads A product, service or idea that is extremely popular for a short period of time and then becomes unpopular just as quickly Fads are commonly novelty toys, games, songs, TV shows Ex. Gangnam Style!

It’s possible to make or lose a lot of money on fads Marketers will make money if they can sell a large quantity of the product and then get out of the market as the fad reaches its peak Marketers will lose money if they enter at the wrong time or stay in too long; they may be left with a large inventory that no one wants to buy

Trends Trends are different from fads as they have more long-lasting effects A trend is a massive movement towards a particular style or value As a result, “trendy” products may take on a traditional PLC Ex. Reality television, skinny jeans

Niche Niche products are those with a very short growth stage leading to a solid (but not financially spectacular) maturity stage These products dominate a small section of the market, because they are unique and have little competition Examples?

Seasonal Some product follow a cyclical life cycle, continually going through periods of high and low demand Marketers work to create opportunities outside of the peak season Examples?

Group Activity In groups of 4, brainstorm as many recent or current trends, fads and niche products as you can!

Activity Create a chart in your notes and list at examples of Fads, Trends, Niche and Seasonal products (recent or current). FadsTrendsNicheSeasonal