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The product life cycle depicts that every product goes through 4 stages. i.e., product development, product growth, product maturity and product decline.
Each product in the market has its own length of cycle.
This is the stage when a new product is developed and introduced in the market. The company conducts research and development procedure in order to generate a new product or an old product with unique feature.
This is the stage where the product is introduced for the first time in the market.
This is a stage which witnesses the growth in the demand of a product. The company develops a new marketing strategy to enhance the reach of the product.
You will be noticing an increase in demand, distribution and competition of the product developed.
This is the stage where the product has reached its highest level of demand in the market. The company is able to distribute its product into various segments.
As the product has reached its highest level of demand, there is no use of further advertising in this stage.
This is the stage where a product starts losing its market share. It may be that product has become obsolete or a new product has replaced it.
A decline in the demand, price and distribution is noticed in the stage.
Let’s assess the time limit that each stage involves:
There is no specific time limit required in each stage. It totally depends upon the type of the product and many other factors.
Let us discuss it for all the stages:
For product development
The time limit required in this stage depends upon the time a company spends while researching upon the product. Every company has a separate research and development department. The main job of this department is to find out ways in developing a new product or enhancing the features of an existing product.
It takes time for a company to assess whether such a product can be introduced in the market or not.
For product growth:
The time required by this stage depends upon the market share covered by the introduced product. If there is a huge competition in the market, the product will take a longer time to grow. The growth in stage depends on how a product can satisfy uses of the potential customers.
For product maturity:
The time required in this stage depends upon the potential of the company to assess which product needs to be kept in the market. The company has to regularly introduce the product with a new feature. If it fails to do so, it will it will start losing its existing customers.
The time required in this stage also depends upon the potential of the existing competitors in the market.
For product decline:
The time required in this case depends upon how fast the customers switch to the products offered by the rival companies. The loyalty of the customers plays all the game in this stage.
The product life cycle is used by marketing people to make strategies in marketing a product. But studying the life cycle of it, a company can decide on the various strategies involved in gaining a market share for the product.
The benefits of a product life cycle are mentioned below:
Decision making is one of the most important parts of a company. If the company has introduced more than one project, it has to decide which product to sold in the market first.
The company prefers in selling a product which has the highest rate of return.
It helps the company in forecasting the sales of the newly introduced product. Depending upon its existing demand and the market it can cover, companies can forecast whether there would be to successfully launch the product in the market.
By comparing the product cycle of your product with that offered by your rival company, you can get an idea of how successful your product is going to be.
You can also draft adequate strategies to market your product in order to achieve the goals you want.
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