Marketing-Assignment
Phases of a product life cycle
The product life cycle can be described as a time when a product is introduced to the consumers into the market until it is removed from the organization’s shelves. The four stages of a product life cycle are as follows: Introduction, growth stage, maturity stage, and finally, decline. The product life cycle is considered an essential tool used by marketers, management, and designers. It is also crucial as it offers guidance in developing strategies that provide the best use of every stage and promotes the overall success of the market’s products. Following are four products in four stages of the product life cycle ( Abramovici et al.,2017).
Introduction stage: This is a time when a new product is introduced first to the market. The stage requires more resources and finance. Organizations refer to this as a new approach to product development. It is usually associated with slower growth since most people are not familiar with the products, thus requiring them to spend most of their time advertising to create awareness. An example of a product in this phase includes self-driving cars. At this stage, self-driving vehicles are attesting stage, although the company hopes to sell this kind of car (Barbosa et al.,2018).
Growth maturity stage: This is the stage where organizations start selling their products at a faster rate . At this time, most public members are aware of the products, thus creating awareness to the larger population, especially certified with their services. The development at this stage is recognized, and it becomes more noticeable when the demand goes high. An example of a product under this stage is Tesla Model S.At this stage; the electric car requires convenience for people who will work and be practical. The stage makes Tesla Model S easier when using and enables people to easily adoptusingof electric cars (Barbosa et al.,2018).
Maturity stage: This is a stage where product sales start to peak. The demand here is robust because many people are familiar with the products, thus making the product very high. The product begins to compete with other products that are introduced In the market. An example of a product in this stage is in the health care sector, where there are availabilities of new pharmaceutical products which are fresh and ready to be used. This kind of medication attracts most healthcare centers where most of them prefer to give their patients this kind of drug as they are considered safe for human consumption (Ren et al.,2019).
Decline stage: This is a duration where the product is at its saturation point. In this stage, the price can start rising, although the number of sales will still decline. Here organization requires to make the best decision on whether to continue selling that particular product with the changes experienced or to prefer selling alternative products. An example in the health care sector is medical devices or maybe wheelchairs. As technology advances, health care departments requires to have specialist people who will be necessary to introduce new things in the market. When he comes to the organization, he might found that the devices used are outdated, and he needs to order other devices to look at organization performance to be performed in more. This means that the firm will require to spend more cash looking at more advanced tools, thus experiencing the unsold devices’ losses because they are referred to as outdated tools. Looking at the production at this stage, I would say that health care services require to rejuvenate their medical device to avoid costs of buying new products or experiencing loss as a result of not using the available device and preferring to go for the new device (Ren et al.,2019).
Reference
Abramovici, M., Göbel, J. C., Savarino, P., & Gebus, P. (2017, July). Towards innovative product lifecycle management with integrated reconfiguration management. In IFIP International Conference on Product Lifecycle Management (pp. 489-498). Springer, Cham.
Barbosa, A. J. D., de Paiva Santos, V. H., de Araújo, P. C., de Medeiros, F. L., & da Silva Otaviano, L. Y. (2020). Eco product development combining eco design and life cycle assessment. Benchmarking: An International Journal.
Ren, S., Zhang, Y., Liu, Y., Sakao, T., Huisingh, D., & Almeida, C. M. (2019). A comprehensive review of big data analytics throughout product lifecycle supports sustainable smart manufacturing: A framework, challenges, and future research directions. Journal of cleaner production, 210, 1343- 1365.