Understanding the life cycle of either a product or process is vital to understanding how resources should be used. Also, the success of a product or service may be impacted by the understanding of the life cycle. Author Gherasiam (2011) believes that a product has a limited life, the product selling evolution has different stages, profit levels are different at each level of the life cycle, and marketing strategies should differ from stage to stage.
Whether a product or a process, manufacturers or companies need to be aware of the stage in which the product or process is within the life cycle. The stages of the product or process life cycle include the introduction period, growth, and maturity (Meredith & Shafer, 2013, p. 37). These three stages are directly related to the amount or product or services that should be available. The stages in which the volume is determined are respectively initiation, expansion, and maturity (Meredith & Shafer, 2013, p.77). An example of a basic product life cycle curve can be seen in Appendix A.
Hobby Lobby product life cycle
Hobby Lobby has a tremendous amount of products it provides to its customers. For the purpose of this research however, the products will be divided into two categories home décor and crafts. Home décor products are those already assembled and ready for the customer to add to their home. In the current societal trends where consumers are interested in decorating and designing their homes the product life cycle for home décor products could be said to be in the maturity phase of the product life cycle. Especially, due to the consumerism seen specifically in America, people as long as they continue to have disposable income will continue to decorate their homes...
... middle of paper ...
...
Rekik, Y., & Sahin, E. (2012). Exploring inventory systems sensitive to shrinkage – analysis of a periodic review inventory under a service level constraint. International Journal Of Production Research, 50(13), 3529-3546. doi:10.1080/00207543.2012.670919
Sumintorn, B. (2013). CORE COMPETENCIES AND JOB INVOLVEMENT ON JOB PERFORMANCE OF ACCOUNTANTS IN THAI LISTED COMPANIES. Review Of Business Research, 13(2), 35-44.
Webber, S., Payne, S., & Taylor, A. (2012). Personality and Trust Fosters Service Quality. Journal Of Business & Psychology, 27(2), 193-203. doi:10.1007/s10869-011-9235-4
Whitford, D. (2010). ONE FAMILY'S HOBBY. Fortune, 162(7), 69-72. Retrieved from http://web.ebscohost.com.ezproxy.liberty.edu:2048/ehost/detail?vid=4&sid=4527aa97-2e75-432e-80be-f90afa4f4fd6%40sessionmgr112&hid=124&bdata=JnNpdGU9ZWhvc3QtbGl2ZSZzY29wZT1zaXRl#db=bth&AN=54554903
Product life cycle is an important marketing concept which divides the sales history of a product into distinctive stages (Vashisht, 2005). These different stages would present their own opportunities and opportunities and thus call for different strategies for marketing practitioners. Generally, a product would goes through four stages including introduction, growth, maturity and decline. Home theatre products seem to head towards its declining stage with its sales dropped by about 10% in 2012 in Australia (Euromonitor International, 2013). Its profit is also dropping with more generous pricing competition in this market. However, there is a new trend emerging that could transform the competition landsc...
Madonna Louise Veronica Ciccone (aka Madonna) is one of the most influential American Icons in the 21st century. She uses her sexuality and feminine characteristics to convey her beliefs to the public. She started a trend among youngster “wannabes” during the mid 80s (Cengage, 2003). These youngsters adopted Madonna’s messy hairdo and bold wardrobe such as lacy undergarments fully expresses the female sexuality and seductiveness. In this report, we will analyze Madonna’s career as an entertainer from the perspective of the Product life cycle and evaluate Madonna as a brand. A product life cycle describes how a product goes through the stages of introduction, growth, maturity, and decline.
Develop and describe a technology lifecycle model (including the time and cost of development, the amount of time to recover the cost, and return on investment (profit) based on the development costs and risks) and/or product lifecycle model (including timing, marketing measures, and costs associated with the life of a product) for the new technology or application
According to Business Studies ‘’Customer service is one of the most important ingredients of the marketing mix for products and services. High quality customer service helps to create customer loyalty. Customers today are not only interested in the product they are being offered but all the additional elements of service that they receive from the greeting they receive when they enter a retail outlet, to the refund and help that they receive when they have a complaint about a faulty product that they have paid for’’ (Business Studies, n.d).
The Target Corporation prides itself on their department store roots with a constant obligation to great prices and stylish originality. The main focus of every Target store is the customer, whom the corporation refers to as a "guest", making them feel more personal. Each guest can expect to walk into a clean, organized, and easy to navigate store with "high quality, stylishly designed items plus all the essentials for his or her life".1 The company also has a significant focus on design. The company employs a "design for all" strategy that says great design is for everyone to enjoy, everyday. The product designers know how to create products you will "love to live with and low prices you can't live without".1 The commitment to design has become a key technique of attracting and keeping their shoppers coming back.
We also focus on product life-cycle of the business goods. The stages the product undergoes from manufacturing packaging until the final stage where it focuses on time, cost and revenue generated. In the initial stage of the product, promotion is done to create awareness of the product. In this juncture profits are not a big concern of the company.
The five stages of the product life cycles begins with the Product development stage when the company finds and develops a new product idea. The second stage is the Introduction and is the period of slow sales growth as the product is presented in the market. The third stage is the Growth and is the period of rapid market acceptance and increasing profits. The fourth stage is Maturity and is the period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. The fifth and final stage is Decline and is the period when sales fall off and profits
Items such as clothing of home decor products are updated often so that the company can keep up with the popular items and promote change, all while encouraging their customers to spend money to “stay hip.” The store serves many purposes, but, ultimately, it is an agent of cultural evolution and socialization.
The four stages of the technology life cycle are Innovation Stage, Syndication Stage, Diffusion Stage, and Substitution Stage.
The product demand life cycle is the average sequence of a product in the market. The average sequence is in four stages. Introduction stage, growth stage, maturity
Usually, businesses tend to keep inventory levels high so as to effectively meet uncertain and quick changing demands of its customers. However, keeping high inventory always proves costly for them. Thus to reduce warehousing or storage costs, these companies hold limited stocks of products just enough to meet fluctuating consumer
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.
Zeithaml, Valarie A, Berry, Leonard L, & Parasuraman, A. (1996). The behavioral consequences of service quality. Journal of Marketing, 60(2), 31. Retrieved April 1, 2011, from ABI/INFORM Global. (Document ID: 9401886).
Michael Porter tells us how the life cycle works through stages, first of which is the development phase, into the introduction, growth, maturity, and decline. Hunsk motors didn’t carefully take into account each phase of its product sold, and lacked the ability to connect consumers towards the motorcycles identity. By introducing...
Life Cycles of Products The definition of a product is "anything that is capable of satisfying