What is product life cycle stages and examples?
The home entertainment industry is filled with examples at every stage of the product life cycle. For example, videocassettes are gone from the shelves. DVDs are in the decline stage, and flat-screen smart TVs are in the mature phase. Nintendo is a good example of a company that manages its product life cycle well.
What are the five stages of the life cycle?
There are five steps in a life cycle—product development, market introduction, growth, maturity, and decline/stability.
What is product life cycle plan?
The Product Life Cycle model describes how products go through the four phases of Introduction, Growth, Maturity, and Decline after they are launched. Each phase requires a different mix of marketing activities to maximize the lifetime profitability of the product.
What are the four stages of the product life cycle?
Stages in the Product Life Cycle. The four stages in the product life cycle are: Introduction. Growth. Maturity. Decline. 1. Introduction Stage. When a product first launches, sales will typically be low and grow slowly.
When is the introduction stage of a product?
When a new product is released, it is often a high-stakes time in the product’s life cycle – although it does not necessarily make or break the product’s eventual success. During the introduction stage, marketing and promotion are at a high – and the company often invests the most in promoting the product and getting it into the hands of consumers.
How to prolong the maturity stage of a product?
In order to prolong the maturity stage, a firm may adopt the following strategies: (i) The product is differentiated from the rival products. (ii) Brand image of the product may be emphasised. (iii) Lifetime or longer period warranty is offered. (iv) New markets may be developed. (v) New uses of the product are developed.
Why do companies invest in product life cycle?
Because most companies understand the different product life cycle stages, and that the products they sell all have a limited lifespan, the majority of them will invest heavily in new product development in order to make sure that their businesses continue to grow.