That doesn't mean everything stops selling eventually — Coca-Cola isn't going away any time soon, for example — but it's applicable to most products. That rise and fall is usually referred to as the product lifecycle, and knowing where your product fits into that cycle can help you make intelligent decisions about your business's future.
If the idea is determined to be feasible and potentially profitable, the product is produced, marketed and rolled out in the growth phase. Assuming the product becomes successful, its production will grow until the product becomes widely available and matures in the mature stage.
Eventually, demand for the product declines and it becomes obsolete, resulting in the decline stage. At the beginning of a product's life, it may have a little to no competition in the marketplace, until competitors start to emulate its success.
As the product becomes more successful, it faces increasing numbers of competitors and may lose market shareeventually declining. The stage of a product's life cycle impacts the way in which it is marketed to consumers.
For example, a brand-new product needs to be explained to consumers, while a product that is further along in its life cycle needs to be differentiated from its competitors.
A General Example of Product Life Cycle, Management and Implementation Using an established industry as an example, recorded television has products all along the stages of the product life cycle. Understanding a product's life cycle and implementing effective product life cycle management is extremely important for a successful company.
Zurn Industries, LLC, a leader in commercial, municipal, healthcare and industrial water solutions, identified the need to further define its product life cycle, and implemented a platform created by Advanced Solutions Product Lifecycle Management, LLC to help it do so.
Before discussing the product life cycle stages, it is wise to explain what the product life cycle actually is. The product life cycle (PLC) is the course of a product’s sales and profits over its lifetime. Product Life Cycle Stages and Strategies The product life cycle (PLC) is a series of phases that a product will go through in its “lifetime” in relation to the profits and sales that it will collect. The first of the four product life cycle stages is the Introduction Stage. Any business that is launching a new product needs to appreciate that this initial stage could require significant investment.
The platform helps Zurn Industries integrate its company-wide product data into a centralized system in such a way that it can report on product development data. Through the use of analyzed data, the company looked at its product life cycle, from the introduction phase to the decline stage, and updated its product workflow so that it operates more efficiently.
The product life cycle platform implemented by Advanced Solutions Product Lifecycle Management essentially created a straight-forward approach to new product development, streamlining the four stages of the life cycle.The Product Life Cycle A new product progresses through a sequence of stages from introduction to growth, maturity, and decline.
This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix. Before discussing the product life cycle stages, it is wise to explain what the product life cycle actually is.
The product life cycle (PLC) is the course of a product’s sales and profits over its lifetime. The product life cycle stages are 4 clearly defined phases, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
Stages include introduction, growth, maturity and decline and are explained in detail here. The decline stage in the product life cycle is when a product dissolves as a result of decreased or negative growth. It is a result of lower demand, which ultimately results from new inventions.
Product life-cycle management (PLM) is the succession of strategies by business management as a product goes through its life-cycle.
The conditions in which a product is sold (advertising, saturation) changes over time and must be managed as it moves through its succession of stages.
The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market. The cycle is broken into four stages: introduction, growth, maturity and decline.