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What is product life cycle and its usefulness
What is product life cycle and its usefulness
Influence of Product Life Cycle
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What is the product life cycle?
The PLC indicates that products have four things in common: (1) they have a limited lifespan; (2) their sales pass through a number of distinct stages, each of which has different characteristics, challenges, and opportunities; (3) their profits are not static but increase and decrease through these stages; and (4) the financial, human resource, manufacturing, marketing and purchasing strategies that products require at each stage in the life cycle varies (Kotler and Keller, 2006). Whilst there is a common pattern to a product's life cycle, which is bell-shaped in nature, this pattern does vary depending on the specific characteristics of a given product. These life cycle patterns are illustrated and discussed in the subsequent section.
What are the main aspects of the product life cycle?
The typical PLC consists of five main aspects: (1) product development; (2) introduction; (3) growth; (4) maturity; and (5) decline. In the diagram below, the respective sales (in red) and profits (in blue) across these five stages are illustrated.
The PLC begins with product development, during which time the firm devises and creates a new product. Whilst the end aim of this development process is to have a profitable, well-performing product on the market, this initial stage is characterised by zero sales, the firm bearing the costs of such development, typically resulting in negative profitability (Kotler and Armstrong, 2004). Recent product developments include the likes of the iPod by Apple and the Serene by Bang and Olufsen. However, despite the importance of the product development process, the PLC literature tends to focus on the subsequent four stages, which are discussed in more detail belo...
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...ons to the common PLC, the concept can also be used to describe (1) fads, (2) fashion, and (3) style. Fads are fashions that are introduced and adopted very quickly, but just as quickly can fall. They typically have a limited following, but are nonetheless adopted with real zeal, such as the hula-hoop. Fashions grow more slowly but still quite quickly before eventually witnessing a decline. However, in some cases these become a style; that is, they come back into fashion. For example, Beanies and Yo-Yos were in fashion during the 1950s and 1960s respectively before largely dropping off the radar until the 1990s when both products witnessed a revival (Kotler et al., 1996; Kotler and Keller, 2006).
In order to develop a successful organizational and control system for CP, we, MIC, had to
Some conclusions in this proposal rely on the determination of the lifecycle stage of the product category. The lifecycle stage - whether introduction, growth, maturity, or decline – provides a useful starting point for product portfolio management, and is used to guide decisions of retiring, redeveloping, or replacing products. In general, growth means an increasing market share, maturity means demand still exists but the market is approaching saturation, and decline means the product is becoming or already is obsolete.
For instance, Primark 's products offer customers clothing as a base product, of witch actual benefits are being to be cheap and trendy, and they may have some return policy as augmented benefit in case of defects. Each product may be realised following a new product development process to improve its success rate (Harris and Schaefer, 2015, p.43-47).
A fad is a trend that becomes poplar for a brief period of time. The Era of the wonderful nonsense was full of fads. There fads in almost everything and some fads you would never believe. Fads of the 1920s were unpredictable. Some were normal but other were outrageous and unusual. People became very involved with fads and some even became hobbies. There were styles fads, dace fads, game fads and random fads.
for a product over a period of time. It shows the revenue by a product. from its introduction to its eventual decline. There are four stages to the product life cycle: Introduction, growth, maturity and decline. Research and development is the first stage of the product life cycle.
Development of the iPod: The iPod is a portable digital music player that holds up to ten thousand songs in a small, hand-held device that is lighter and thinner than two CD cases. iPod features a touch-sensitive navigational wheel and buttons, and an intuitive interface designed for one-handed operation. Songs are stored in several digital audio formats, delivering the highest sound quality. The iPod was born out of the idea dreamed up by Tony Fadell, an independent contractor and hardware expert, to take an MP3 player, build a Napster music sale service to complement it, and build a company around it. Fadell shopped the idea around to several companies and was turned away by all of them, except Apple. Apple hired Fadell in early 2001 and assigned him a team of about 30 people to develop the iPod. Fadell predicted that the iPod would remold Apple and that 10 years from now it would be a music business, rather than a computer business.
Taylor Swift put it so eloquently when she said, “I'm intimidated by the fear of being average” New fads are not about conforming to social structure but rather to be great in your own way. Be it your talents, interests, or your determination to help other people. We have evolved into a group of people who are more accepting, caring, and opinionated. This generation was born in a time where our parents were recovering from the wild 70’s and 80’s and becoming more conservative.
Product development is a strategy of growth that involves new product in market or goods and services. In this presentation of Product Development to determine the practice of Lexington Medical Center, Columbia South Carolina. Lexington Medical Center is a teaching hospital and also have a residency program. LMC is a 414 bed medical complex, 600 physicians, and 5,900 employees. The product development management system I have chosen is Levemir Flex-touch insulin pen.
The product I have chosen is Pepsi, which is a carbonated soft drink produced and manufactured by PepsiCo. It is one of the world's leading food and beverage companies with over billions of dollars in profit.
The product is either a tangible good or an intangible service that is able to meet a specific customer need or demand. All products follow product life cycle and it is important for marketers to understand and plan for different stages and their unique challenges. It is essential to understand all of the problems that the product is attempting to solve. The benefits offered by the product and all of its features need to be understood and the unique selling proposition of the product need to be studied. Moreover, the potential buyers of the product need to be identified and understood.
Adizes, I. (2004, Mar/Apr). Embrace One Problem After Another. Industrial Management, 46(2), pp. 18; pp.7.
In the 1990’s BPR was an extremely hot topic among many organisations. The markets were changing rapidly as new technologies were being introduced across
The ever-decreasing length of product lives has diminished the role of new technologies as a source of satisfactory profit and sustainability, as in today’s economies they become commoditized in a growingly fast manner. Nowadays, innovation must include business models rather than just technology and R&D (Chesbrough 2007), and with the greater frequency of disruption and dislocation in many industries, business model lifecycles are shortening as well.
So, yes, the fashion trends throughout the generations in my family have been recycled and have faded
The main challenges in the manufacturing companies are in the following stage of product development.