Importance of Product Life Cycle
The product life cycle is described by the sales pattern of a product over time. The time span usually begins with product introduction and ends with its replacement and obsolescence. While the form of the life cycle is fairly standard, it is subject to variations. All products pass through the following stages:-
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The Basic Stages in the Product Life Cycle
Development Stage
Growth stage
Maturity stage
Decline stage
The development stage, the first of these stages, represents a slow growth period as it newly released products require some time to gain market acceptance, so sales in the initial period are slow.
Rapid growth stages are reached and sales increase markedly, if the product introduction proved successful. According to the concept of the life cycle, the market for any product has its own limitations, and sales will generally fall short of their potential. The market enters the maturation stage when this point is reached. It is further assumed that each product eventually is replaced by another or that initial rapid growth will end in decline.
Methods of measurement of product life cycle
The concept of the product life cycle is important for market forecasting. The stages of the life cycle form a framework that can be used to analyze the dynamics and the primary factors that can impact a market segment and product sales.
The basic stages of the product life cycle can be expanded into a more-comprehensive model that better explains the various parts of the life of a product in the market. The list below outlines the various stages of the expanded product life cycle concept.
If a product enters a market that is already in a mature stage, competition is intense because the product has to compete for a share of an existing market that is not experiencing growth. New products do not enter the market and demand levels fall, once the market enters the decline stage. At this stage, the objective is to increase market share to maintain stable sales levels.
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Stages of the Expanded Product Life Cycle
Research and development
Introduction of the product
Development of the market
Exploitation
Market maturation
Market saturation
Decline of the market
Please express your views of this topic Types of Motion by commenting on blog.
The Basic Stages in the Product Life Cycle
Development Stage
Growth stage
Maturity stage
Decline stage
The development stage, the first of these stages, represents a slow growth period as it newly released products require some time to gain market acceptance, so sales in the initial period are slow.
Rapid growth stages are reached and sales increase markedly, if the product introduction proved successful. According to the concept of the life cycle, the market for any product has its own limitations, and sales will generally fall short of their potential. The market enters the maturation stage when this point is reached. It is further assumed that each product eventually is replaced by another or that initial rapid growth will end in decline.
Methods of measurement of product life cycle
The concept of the product life cycle is important for market forecasting. The stages of the life cycle form a framework that can be used to analyze the dynamics and the primary factors that can impact a market segment and product sales.
The basic stages of the product life cycle can be expanded into a more-comprehensive model that better explains the various parts of the life of a product in the market. The list below outlines the various stages of the expanded product life cycle concept.
If a product enters a market that is already in a mature stage, competition is intense because the product has to compete for a share of an existing market that is not experiencing growth. New products do not enter the market and demand levels fall, once the market enters the decline stage. At this stage, the objective is to increase market share to maintain stable sales levels.
Having problem with equation for wavelength keep reading my upcoming posts, i will try to help you.
Stages of the Expanded Product Life Cycle
Research and development
Introduction of the product
Development of the market
Exploitation
Market maturation
Market saturation
Decline of the market