Life Cycle Of A Product Pdf
Peppin Kishore
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Ariel Courage is an experienced editor, researcher, and former fact-checker. She has performed editing and fact-checking work for several leading finance publications, including The Motley Fool and Passport to Wall Street.
The product life cycle is defined as four distinct stages: product introduction, growth, maturity, and decline. The amount of time spent in each stage will vary from product to product, and different companies have different strategic approaches to transitioning from one phase to the next.
Depending on the stage a product is in, a company may adopt different strategies along the product life cycle. For example, a company is more likely to incur heavy marketing and R&D costs in the introduction stage. As the product becomes more mature, companies may then turn to improving product quality, entering new segments, or increasing distribution channels. Companies also strategically approach divesting from product lines including the sale of divisions or discontinuation of goods.
Product life cycle management is the act of overseeing a product's performance over the course of its life. Throughout the different stages of product life cycle, a company enacts strategies and changes based on how the market is receiving a good.
Product life cycle is important because it informs management of how its product is performing and what strategic approaches it may take. By being informed of which stage its product(s) are in, a company can change how it spends resources, which products to push, how to allocate staff time, and what innovations they want to research next.
Many factors can affect how a product performs and where it lies within the product life cycle. In general, the product life cycle is heavily impacted by market adoption, ease of competitive entry, rate of industry innovation, and changes to consumer preferences. If it is easier for competitors to enter markets, consumers can change their minds frequently about the goods they consume, or the market may quickly become saturated. Then, products are more likely to have shorter lives throughout a product life cycle.
The product life cycle involves the stages through which a product goes from the time it is introduced in the market till it leaves the market. A product life cycle consists of four stages: introduction, growth, maturity, and decline. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market. This may be due to several factors such as saturation, competition, decrease in demand, and even reduction in sales. A product life cycle analysis can help companies in creating strategies that enable them to sustain the longevity of a product and even adapt to market conditions.
Now that we know what the product life cycle is, we will now look at using the product life cycle for different purposes. The product life cycle is used to determine how products can be marketed to consumers. When a product is successfully introduced in the market during the first stage of the product life cycle, there should ideally be a rise in demand and popularity. When this new product gets established, there is less marketing effort involved. And, when it moves from the maturity stage to the declining stage, the demand also wanes.
Eventually, in the last phase of the product life cycle, the product phases out from the market. This is where an efficient product management life cycle becomes useful for all businesses. Proper product life cycle management ensures that the product does well and reaches the stage of maturity after having been in the market for a prolonged duration.
To recap, we are now well-versed with what a product life cycle is, why product life cycle management is important, and how the product development life cycle helps businesses. We will now skim through the four stages of the product life cycle and their importance.
Today, it is easy for you to kickstart or advance your career in product management. You just need to undertake one of the best product management certification courses. Emeritus offers various online product management courses from some of the top universities in the world.
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The FDA's Medical Device Safety Action Plan outlines a vision for how the FDA can continue to enhance its programs and processes to assure the safety of medical devices throughout their life cycle, to provide for the timely communication and resolution of safety issues, and to advance innovative technologies that are safer, more effective, and that address unmet needs.
Overall, the TPLC approach allows the FDA to review and monitor medical devices throughout their life cycle by taking into account all available information on safety and effectiveness.
When I was 12 years old, I used to be confused about my cousin's CD collection. Why have CDs when I could go on iTunes and listen to all my favorite songs? This is a perfect example of a product life cycle (PLC) in action.
The product life cycle is the succession of stages that a product goes through during its existence, starting from development and ultimately ending in decline. Business owners and marketers use the product life cycle to make important decisions and strategies on advertising budgets, product prices, and packaging.
The development stage of the product life cycle is the research phase before a product is introduced to the marketplace. This is when companies bring in investors, develop prototypes, test product effectiveness, and strategize their launch.
Before full-scale production, the product may be released in a limited market or region for testing purposes. This allows companies to assess market acceptance, gather user feedback, and make necessary adjustments before a wider launch.
The introduction stage happens when a product is launched in the marketplace. This is when marketing teams begin building product awareness and targeting potential customers. Typically, when a product is introduced, sales are low and demand builds slowly.
This stage is crucial because companies have the opportunity to shake up the status quo and capture the attention and loyalty of early adopters. The positive experiences and word-of-mouth recommendations from these early customers can influence the broader target market and accelerate product adoption.
During the growth stage, consumers have accepted the product in the market and customers are beginning to truly buy in. That means demand and profits are growing, hopefully at a steadily rapid pace. This momentum is crucial for sustaining business operations, funding further product development, and generating returns on investment.
The maturity stage is when the sales begin to level off from the rapid growth period. At this point, companies begin to reduce their prices so they can stay competitive amongst the growing competition. Streamlining production processes, negotiating favorable supplier contracts, and optimizing distribution networks also become important considerations.
This is the phase where a company begins to become more efficient and learns from the mistakes made in the introduction and growth stages. Marketing campaigns are typically focused on differentiation rather than awareness. This means that product features might be enhanced, prices might be lowered, and distribution becomes more intensive.
In a saturated market, innovation also becomes essential to stay relevant. Businesses must continuously invest in research and development to improve products and offer new features. Failure to do so may lead to product obsolescence and loss of market share.
While using the PLC method certainly helps stakeholders plan, it does have limitations. The cycle breaks down performance over several stages, but unfortunately there is no way to tell how long each stage will last.
Vernon theorized a new product would perform best in its country of origin to keep manufacturing and production costs low. Once the product gained demand, companies could begin exporting to other countries and continue building local production plants in each new location.
The standardized phase would involve an influx of competitors, which would lead the company to focus on driving down production and manufacturing costs to remain competitive. As the market becomes saturated and a new product gets introduced, the company loses its relevance in its home country and shifts gears to create something new, with the cycle beginning again.
You can also consider a limited release of the product to a select group of customers or in a specific market segment. This exclusivity can create a sense of anticipation and urgency among potential buyers.
Then, you can use the feedback from the limited release to publish early (and favorable) consumer research or testimonials. Your marketing goal during this stage is to build upon your brand awareness and establish yourself as an innovative company.
Consider collaborating with influencers or industry experts who have a strong following and influence in your target market. Encourage them to review and promote your product through blog posts, vlogs, social media posts, or sponsored content. Their endorsement can help generate credibility and reach a wider audience.
One way to do this is by allocating resources to digital marketing channels like social media advertising, search engine optimization (SEO), content marketing, and influencer partnerships. Then, leverage data analytics to target and reach your ideal customers effectively.
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