Product Life Cycle
Product Life CyclePRODUCT LIFE CYCLE
A product is anything that can be offered to the market (willing and able buyers) for consumption (used to satisfy their wants and needs).
Product life cycle refers to the series of stages in hich a product sales revenue and profit increase or is presented. It describes the stages a new product goes through in the market place. It’s the life of a product. Just like in human growth there are stages involved in the growth of a product.
Firms must be able to launch, modify, and delete products and characteristics to ensure a profitable product life. The product lifecycle is influenced by market demand. Mangers of a business should know what stage a product is in and the one it is likely to be moving to. This is so as to be able to devise a marketing program benefiting the product sales.
There are about four main stages in the development of a product. These stages are:
Despite the main considered stages of development of a product there are two minor stages. These stages are
• Product development
• Product death and or deletion.
This is the stage that involves the coming up/ invention of a product before it is presented to the public for consumption. This stage is invisible to the consumer or general public since it is kept in confidentiality of the firm. In rare occasions it is portrayed through earlier advertisement of the product prior to its launch.
This involves the critical launch of a product. It is the stage in which the product is presented to the consumer for purchase for the first time.
Due to the fact that the product is being introduced to the market for the first time, it has several unique characteristics. These characteristics include:
a) Low customer awareness. Customer does not know about the product.