Why Is Product Life Cycle Important?

What are the 6 stages of the product life cycle?

1.

Development.

The development stage of the product life cycle is the research phase before a product is introduced to the marketplace.

Introduction.

The introduction stage is when a product is first launched in the marketplace.

Growth.

Maturity.

Saturation.

Decline..

What are the stages of a product life cycle and why is it important to know?

A product’s life cycle is its progress from when it is created to when it is discontinued. There are four stages in the cycle, which are development, growth, maturity, and decline. The product life cycle helps business owners manage sales, determine prices, predict profitability, and compete with other businesses.

What does product life cycle mean?

Definition: Product life cycle (PLC) is the cycle through which every product goes through from introduction to withdrawal or eventual demise. Description: These stages are: Introduction: When the product is brought into the market.

What is product life cycle with example?

The product life cycle is the course of the life of a product from when the product is in development to after it has been removed from the market. This process happens continually – taking products from their beginning introduction stages all the way through their decline and eventual retirement. …

What is product life cycle with diagram?

ADVERTISEMENTS: Every product moves through a life cycle having five stages: introduction, growth, maturity, saturation, and decline (some authors include saturation into maturity). The life cycle gives the sales revenue and profit margin history of a product over a time frame.

How is product life cycle calculated?

The product life cycle portrays the sales history of a typical product by following an S-shaped curve. The curve is typically divided into four stages known as introduction, growth, maturity, and decline. Introduction Stage. This stage has a period of slow sales growth as the product is introduced in the market.

What happens if PLC is not monitored?

The implications of not monitoring the product life cycle include; Failure to deploy an effective marketing strategy. Lack of a well coordinated marketing mix. Failure to achieve maximum sales at each stage of the product life cycle.

What is product life cycle strategies?

Guide. The product life cycle contains four distinct stages: introduction, growth, maturity and decline. Each stage is associated with changes in the product’s marketing position. You can use various marketing strategies in each stage to try to prolong the life cycle of your products.

What are the 7 stages in the new product development process?

Are these the ideal seven stages of new product development?Feasibility study and design planning. … Design and development. … Testing & verification. … Validation & collateral production. … Manufacture/launch. … Improvement.

What are the characteristics of product life cycle?

The Product Life Cycle (PLC) is the life span of a product from development, through testing, promotion, growth and marketing, to decline and perhaps regeneration. 1. Each product or goods has a life cycle like human beings, plants and animals.

What are the 5 stages of product development?

Five phases guide the new product development process for small businesses: idea generation, screening, concept development, product development and, finally, commercialization.

What affects the product life cycle?

Variables affecting the business cycle include marketing, finances, competition and time. Subsequently, question is, what are the 4 phases of the product life cycle? As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.

Which product life cycle stage is the most important?

The most important thing is to get your product known and worry about making money at a later time. The Growth stage is where the market share of product starts to grow. Often at this stage a large amount of money is spent on advertising.

What is product life cycle and its stages?

The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.

What is the product life cycle of Coca Cola?

Coke, a soft drink from Coca Cola has four stages of its PLC: introduction, growth, maturity and decline. The introduction stage is the point when the drink is being brought to the market for the first time.

How many stages are there in product life cycle?

four stagesThe product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline.

What are the 4 phases of the product life cycle?

As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.Introduction. The introduction phase is the period where a new product is first introduced into the market. … Growth. … Maturity. … Decline.