Product life cycle essay

Product life cycle essay

Product Life Cycle - Essay,You May Also Find These Documents Helpful

WebProducts and go through different stages, and these stages (their order and length) have an impact on strategic alternative selection. The product life cycle can be analyzed based WebJun 15,  · This is called a product’s life cycle (PLC). A product life cycle mainly consists of below mentioned four stages. Product Life Cycle (PLC) Four Stages: a. WebJul 7,  · Depending on the product’s ability to attract and keep customers over time, a product life cycle may be a matter of months, years, or even decades. Anyway, there WebJul 23,  · Marketing Case Study: BMW— “Newness” and the Product Life Cycle BMW: Short Company History and Product Offerings In the ever competitive automobile WebAug 10,  · 1)In today’s competitive marketplace where there is an increasing level of competition and decreasing product life cycles, product innovation has been identified ... read more

com , Jul There are a number of organizations outside North America producing products that have already reached their stage of maturity. Grupo Modelo is one of those organizations and it produces a. There are four main periods in a product life cycle concept which begins with the introduction stage, followed by the growth stage, then the maturity stage, and finally the decline. Operating cycle is the time taken between the purchase of supplies and the time when the cash is collected. It comprises of two parts: days inventory on hand and days. A cycle is a biological pathway or process in which the end product of one cycle becomes the starting point for the next cycles Write an essay about cycles. Gross Domestic Product GDP is used quarterly as an indicator of economic activity to measure the business cycle.

A business cycle is when there are periods of economic growth and. In every organization, the role played by marketing is a very critical one. It is marketing that determines whether or not the organization will sell its products Functionality or if. Introduction It is the desire of every marketer to see to it that the products one is dealing in or marketing are able to move as fast as possible; as this. We use cookies to give you the best experience possible. Home Page Business Corporations Bmw Essay On Product Life Cycle.

HIRE A WRITER! Works Cited Swayne, Linda E. Stuck with your Essay? Get in touch with one of our experts for instant help! Messenger Live chat. Tags: Healthcare MLA Undergraduate. Emotional Dynamics in Fieldwork With Racist Activists, Research Paper Example Research Paper. Get instant essay writing help! It's a Free, No-Obligation Inquiry! Your Email. View full sample. Science and Technology and Nation-Building, Essay Example Science plays a pivotal role in technology. Pages: 3 Words: Essay. However, modern audiences believe that Socrates did not write any of his ideas down [ Pages: 5 Words: Essay. Ambiguity, Essay Example The New Task I am Proposing My proposal is a promotion at work. I am a Business Development Associate at Universal New York, NY.

Narratives That Shape Our World, Essay Example The context and the values in the text Othello by William Shakespeare have shaped me in perspective through the main character Othello. I perceive life [ Nintendo Wii is currently in the maturity stage. The company segments its markets geographically and mainly target developed countries and affluent market segments. Due declining sales, the firm should consider expanding its market to developing countries because they have the potential for market growth. Nintendo Wii uses differentiation approach in market targeting.

The main target markets include the upper middle class families, older people, soccer moms, and generation Y and childless couples. The company should also target the high-end market by innovating new products. Nintendo should position Wii as a family product that is not expensive, that has more family oriented games and easy to use. Wii should also add social attributes to its key competitive advantages. Adding more apps to the Wii, building a co-branding relationship with social sites, and using social media capabilities to market are some of the recommended product strategies. Nintendo can also up-date product design and include stickers of app logos. Nintendo should adopt competitive-based pricing by keeping prices lower than that of PS3 and Xbox. They should also keep the prices affordable for families because their preferences will encourage them to many accessories offered by Wii.

The company can also introduce bundle pricing to increase sales revenue. The company can employ both push and pull strategies in promotion. They can have displays in prominent stores as well as demo kiosks. They also need to conduct massive sales promotion and advertising campaign to extend product stay in the market. The marketing objectives should be to inform, persuade, and remind. The company should also try personal selling to reach more customers. VCR is currently in the decline stage and there are possibilities for the product to face extinction. The company should segment it markets based on demographics with older people constituting the main target market. Older people still prefer using VCR and VHS as a way of visiting the past.

The company can also target enthusiasts who believe that the old videotape format creates better sound and picture compared to digital media. Note: this sample is kindly provided by a student like you, use it only as a guidance. ID Password recovery email has been sent to email email. Don't waste time. I agree. HIRE A WRITER Sign in. World of Writing Hub Blog Free Essay Writing Tools Quizzes and Tests Essay Topics Types of Essays Free Essay Examples. Who We Are Contact Us Our Writers Our Guarantees FAQ Honor Code WowEssays Reviews Our Services. ORDER PAPER LIKE THIS. The Product Life Cycle The life cycle of a product is divided into four stage based on the revenue generated by the product or service.

Industry Selection The industry that I selected for this analysis if consumer electronics industry. Products and product life cycle stage The introduction stage is when the public first hears about or sees a product. Reason for choosing consumer electronic industry I chose the consumer electronic industry because the major force driving the industry is innovation and technology. Marketing strategy for Samsung S4 Launching a new product is probably the most daunting task for product manager of consumer electronics because of the frequency by which it happens compared to traditional industries where a single product can stay in the market for many years. Marketing strategy for iPad In the growth stage of the product life cycle, sales, revenues, and profits begin to grow as the product gains popularity and market acceptance.

Marketing Mix Apple changed its pricing strategy when it launched iPad, with prices lower that that anticipated by the market. Marketing strategy for Wii Nintendo Wii is currently in the maturity stage. Product strategy Adding more apps to the Wii, building a co-branding relationship with social sites, and using social media capabilities to market are some of the recommended product strategies. Marketing mix Nintendo should adopt competitive-based pricing by keeping prices lower than that of PS3 and Xbox. Marketing strategy for VCR VCR is currently in the decline stage and there are possibilities for the product to face extinction. Cite this page Choose cite format: APA MLA Harvard Vancouver Chicago ASA IEEE AMA.

Accessed 07 February Product Life Cycle Essay. February Accessed February 07, Retrieved February 07, com, Feb Free Essay Examples - WowEssays. Published Feb 03, Share with friends using:.

According to definition provided in the biology sciences, living things follow a rigid development lifecycle of birth, growth, maturity and death. This cycle forms the basis for the concept of product lifecycle and, by extension, a framework for describing the path a certain product will follow in a particular period of time. In product management, this concept comprises of introduction, growth, maturity and decline stage. In the introduction stage, it takes some time for a product to be accepted by the public, but by the time it reaches the growth stage it is able to attract many customers.

In maturity stage, its market even out as competitors develop competitive products, and its popularity declines. Old products are finally withdrawn from the market marking decline Marketing Teacher, , Para 1. Since PLC depicts the product path from the launching period, it is a perfect tool for managing a product. Organizations can establish customer demands and alter the products features to meet these requirements. In addition, it helps the organization to determine when cost recovery will commence, as well as define the volume of transactions. This information is important to the organization for two reasons. First of all, it is possible to tell when a product can be introduced or withdrawn from a market.

However, PLC has its limitation, especially it lacks for the universality in application Tellis, nd, 6. This paper discusses the concept of PLC and how it is applied to cost recovery. It further examines how the concept has been successfully applied in development of technological products by Apple Inc. In addition to the four stages in figure 1 presented, I will also discuss the development phase in this section. This phase involves the conception of a product idea and various changes made on the basis of the original mode before it is being developed into a final product.

The model product is passed through the test market before being delivered to the target customers. In the development stage, company does not generate any revenue, although it incurs expenditures. This stage is followed by launching of the model product that survives test market. At this stage, the product adopted after development phase is launched. Because of promotion at this stage, the costs are high, advertisements and need for equipment for distribution are needed, and thus, this phase involves spending with little returns NetMBA, , Para 2. Some companies prefer to outsource some functions such as distribution in order to reduce the cost. The main goal of this stage is to establish a customer loyalty and increase product demand. A product that makes to this stage enjoys public awareness and significant rise in sales.

As a result, the company is satisfied because it can now start recovering its initial costs Business — The Basics, Nd, 7. Because of the increased public awareness, distributors readily accept the product since it is easy to market. Consequently, the company derives profit and recovers initial expenditure. This stage is an opportune moment to maximize product market share. Products that are new entrants into the market gain market share quite easily Komninos, , 6. However, as the market expands, competition begins to emerge and, as a result, prices begin to decline. Previous stage competitions continue and increase in strength and ferocity. This is because more competitors have begun to develop similar products.

Competition to maintain the market share becomes intense and profits starts to dwindle. Differentiation of strategies applied in order to survive in this market that were initiated at the previous stage are widely used. The result of this differentiation is a market that has many product models. At the beginning of this stage and end of the previous one, sales have reached their peak levels. Customers are already familiar with the products and they have several substitutes to choose from, thus demand depends on customer preference of a products feature. Since the brand is established, advertisement expenditure is minimal. Profit margins are also low as key players cut their prices in order to maintain market share. The best companies and products are the ones that stand competition at this stage.

Thus, the main goal of this stage is to expand product market share from previous stage. At this stage, many companies abandon the market as demand for their products decreases due to the fact that customers change their tastes and preferences. This tendency provokes the development of more competitive products. Old products will attract little customer demand, but companies that have highly differentiated products may continue to make profit Perreault et al, , As a result, companies embark on other marketing strategies hoping to rejuvenate and extend the product line on the marketplace.

In this section, I will use iPod and iPhone products to demonstrate the differences between mature and growing market. Apple Inc is an American multicultural corporations dealing with marketing and designing of computer software, consumer electronics, and Personal computers Markoff, Technological products have shorter product life cycles because companies are persistently evolving and improving their products by prolonging their significance and extending their life. Apple Inc, for instance, develops new and better technology after every twelve to eighteen months and, as a result, the products it offers to its customers are always innovative and revolutionary. iPod sales trend in figure 2 shows the product cycle. Before its peak sales in , various generations of the product had been introduced such as Nano, Class and Touch and iPhone in the middle of the year Cahill, , Para 2.

This year, there was little competition for iPod but introduction of iPhone distracted its potential sales. Both and years presented in the figure indicate that the sales had been stabilized and afterwards started to decline. In , Apple quarterly sales report revealed a decline in the sales of iPod. These sales had been reduced from 11 million to On the other hand, iPhone curve shows that these days it is going into its growth stage, and it has registered an increase in sales. The company has also introduced a new product in called the iPad. However, it is iPod that has significantly contributed to the higher profits that apple has experienced. In spite of this, its sales graph has reflected the S-curve that indicates that it is undergoing the product life cycle. As we have already discussed, in order to prevent decline, it is necessary to improve the product features to rejuvenate the growth of sales.

This may include development of new iPad model that will have additional feature. In introduction phase of the product, costs are higher and there is no return for the company. As a result, it does not recover the cost incurred in product development at this stage. As the product progress to the third stage of PLC, company registers increased sales and the brand is be recognized, this results in further cutting the cost and increasing returns. In our case, iPod made more profit because it overstayed in the maturity stage, which is the phase with the least costs.

Since in growth stage the company registers increasing sales, iPhone curve is rising steadily, but in the maturity, the sales volumes even out because the market is beginning to be saturated by products of different models. This PLC analysis tool is important to a company like Apple Inc, which offers goods in the technological industry where the product must be constantly enhanced. Product life cycle analysis reveals different pictures for a production. In introduction stages, capital outlay is high and sales are low which results in low profits. This is followed by growth where sales volumes begin to rise and cost lowers due to decrease in advertisement and promotions costs. This stage register an increase in profits, but spending is still high as a company strives to expand market share.

In maturity stage, cost gets even lower as the product brand is established, competition increase, and new generation products are developed. The product is more profitable due to lower cost in this stage. At the decline stage, sales decrease due to the fact that customers change tastes and profit margin remains intact Marketing assignment No. Avlonitis, G , Strategic Industrial Marketing , Stanoulis, New York. Business — The Basics n. Cahill, B. iPod Sales — does this graph look familiar? Christiansen J. and Vinther E. J PRODD MANAG Haslam, C. Komninos, I. Research paper for Urban and Regional Innovation research unit, Aristotle University of Thessaloniki , pp. Kotler, P. Prentice Hall, New Jersey. Marketing Assignment No. Marketing Teacher. Markoff, J. The New York Times. Nagle, T. A guide to Growing More Profitability , Pearson Education, New Jersey.

Perreault, W. In Basic Marketing. A Marketing Strategy Planning Approach, Ed. McGraw-Hill, New York. Tellis, G. Division of Research Graduate School of Business Administration The University of Michigan. Need a custom Essay sample written from scratch by professional specifically for you?

Understanding Product Life Cycle, Essay Example,The Product Life Cycle

WebJul 7,  · Depending on the product’s ability to attract and keep customers over time, a product life cycle may be a matter of months, years, or even decades. Anyway, there WebProducts and go through different stages, and these stages (their order and length) have an impact on strategic alternative selection. The product life cycle can be analyzed based WebThe product life cycle begins when raw materials are extracted from the earth and ends when the materials from the products are reused, recycled, recovered or discarded. WebAug 10,  · 1)In today’s competitive marketplace where there is an increasing level of competition and decreasing product life cycles, product innovation has been identified WebJun 15,  · This is called a product’s life cycle (PLC). A product life cycle mainly consists of below mentioned four stages. Product Life Cycle (PLC) Four Stages: a. WebJul 23,  · Marketing Case Study: BMW— “Newness” and the Product Life Cycle BMW: Short Company History and Product Offerings In the ever competitive automobile ... read more

It comprises of two parts: days inventory on hand and days. Prentice Hall, New Jersey. Satisfactory Essays. However, PLC has its limitation, especially it lacks for the universality in application Tellis, nd, 6. These sales had been reduced from 11 million to

While some companies may not follow a deliberate step-by-step approach, the steps are useful in showing the information input and decision making that must be done in order to successfully develop new products. There are many unexpected market trends that can affect the life cycle of the service. This was followed by introduction of the smartphone to the UK market on April 27, product life cycle essay, Product life cycle essay a professionally written Custom Essay? Messenger Live chat.