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Product Life Cycle
No matter the product, every product goes through what is known as the product life cycle. The stage of the cycle that a product is in dictates how much of a focus the product gets and what will happen going forward in terms of that product being added to, updated or even entirely replaced. The author of this report will speak of a fictional company with a fictional product. The marketing and business strategies for each stage of the product life cycle will be assessed. The organization itself will be assessed as well. While the length, depth and breadth of the product life cycle will vary a bit from product to product and from company to company, every company needs to know where their products are in the cycle and react accordingly.
Analysis
The fictional company that will be covered in this report is in the consumer electronics part of industry and has several products. Each of the products are in a different stage of the product life cycle and thus how they are treated and planned for should vary (Kotler, 2013). This report shall cover the products one-by-one and each product will be labeled based on where in the product life cycle that it happens to be. The products will be compared to real products in the consumer electronics or other spheres so as to show real-world examples. This will help provide a proper overall perspective. The four stages in the product life cycle are introduction, growth, maturity and decline. Stated another way, the product is newly introduce,...
It is new to the market and is starting to gain a following in terms of sales and industry buzz. A good real-world example of this would be the 4k televisions that have curved screens rather than the flat and non-curved ones that are normally seen. Indeed, even 4k resolution televisions are fairly new to the market but the curved iterations of those models are even newer and fresher. This is a product that has just been released and hopefully will get the proper amount of sales at the price point that exists. This is a product that should be in the beginning stages of its applicability in the market but just how long the product life cycle lasts depends on the product. Some products can last a long time while others are literally updated one or twice a year. When it comes to LED/4k televisions, the product life cycle would be the latter. While the updates from year to year are usually fairly incremental, using the same model from year to year will not be accepted by the market because new features and trends are always coming and the company in question for this report has to know that. Even so, once a television is bought, its useful life is actually fairly long. However, it is also common for people to sell their sets or put them in another room of the house and buy a newer…
References
Alexander, S. (2015). 4K TV and Ultra HD: Everything you need to know. TechRadar. Retrieved 23 October 2015, from http://www.techradar.com/us/news/television/ultra-hd-everything-you-need-to-know-about-4k-tv-1048954
Fowler, G. (2015). Why 2015 Is a Good Year to Buy a TV. WSJ. Retrieved 23 October 2015, from http://blogs.wsj.com/personal-technology/2015/01/06/why-2015-is-a-good-year-to-buy-a-tv/
Kokemuller, N. (2015). Longevity of Product Life Cycle. Small Business - Chron.com. Retrieved 23 October 2015, from http://smallbusiness.chron.com/longevity-product-life-cycle-18529.html
Kotler, P. (2013). Marketing management. Singapore: Pearson Education South Asia Pte Ltd.
Lendino, J. (2015). Farewell Apple iPod classic, We Audiophiles Will Miss You. PCMAG. Retrieved 23 October 2015, from http://www.pcmag.com/article2/0,2817,2468216,00.asp
Quick MBA. (2015). Product Life Cycle. Quickmba.com. Retrieved 23 October 2015, from http://www.quickmba.com/marketing/product/lifecycle/
The manager's understanding of the product nature as well as its place on the cycle are essential to a complete understanding of the need to act or not act. Product life cycles can vary considerably in terms of length. The steam locomotive made its debut in the early 19th century and disappeared from regular service in the UK towards the end of the 1960s. One can still, of course, find
Other rivals will have a more secure market share as well, and new drugs may develop. However, although the rise may not be as astronomical, hopefully from AstraZenica's perspective, Crestor's next phasing into the 'decline' phase of the product life cycle will not be as impressive, either. Works Cited CNN. Com. (18 Nov 2004) "Merck, FDA grilled at Senate hearing." Retrieved 22 Jan 2005 at http://cnnmoney.printthis.clickability.com/pt/cpt?action=cpt&title=Merck%2C+FDA+grilled+at+Senate+hearing+over+Vioxx+-+Nov.+18%2C+2004&expire=&urlID=12326029&fb=Y&url=http%3A%2F%2Fmoney.cnn.com%2F2004%2F11%2F18%2Fnews%2Ffortune500%2Fmerck%2Findex.htm%3Fcnn Crestor. (2004) "About Crestor." Official site.
Much of the promotional campaigns throughout the introduction and growth periods were centered on this facility. According to different sources, the purpose of the promotion element was to promote "revolutionary communications and audio/visual experience" as an integrated experience. This would be the fundamental message in the introduction and growth promotions and the explanation for this is simple, being connected with something mentioned in the introduction: besides exceptional individual features, such
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