• Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

Define the product life cycle and for a product of your choice discuss the different stages it passes through during its existence and outline the characteristics and strategies for each stage

Extracts from this document...

Introduction

Define the product life cycle and for a product of your choice discuss the different stages it passes through during its existence and outline the characteristics and strategies for each stage Every product have a beginning and have an end which means they have a life span. The stages through which individual products develop by time is called 'Product Life cycle'. The Product life cycle has four major stage which are: * Introduction Stage * Growth Stage * Maturity Stage * Decline Stage Products experience each of these stages at different times and at one point in time a firm may also have a range of different products at different stages in their life cycles. The length of the product life cycle depends on technology and new inventions. Since these are rapidly changing the life cycle of a product is getting shorter. For example from CD players where one had to buy CD's today one can easily have 4 weeks of music installed on iPods where there is no need to by CD's but simply download music from the internet. ...read more.

Middle

Price in the Introduction Stage will be either price skimming or penetration. This suite most for the perishable goods example new range of food stuffs. In this level frequent modification is still undertaken due to certain problems discovered after its launching. After consumers see that a hi-fi is worthed and suites them the product can now be classified under the Growth Stage where sales start to increase quickly and more distribution channels are establish. In creating a hi-fi system surely required a lot of research and development and tones of money where spent to pay experts on electronics to make this product. In the Introduction Stage it is not possible for the firm to cover these expenses but in the Growth Stage, the breakeven is reached and the firm start earning profits. Thus at this stage competitors will be encouraged by the profits being made and so they enter the market resulting into price reduction. New entries will result in product variety where some will try to improve on the product such as increasing the sound and providing better styles and colours to compliment the room it is put in. ...read more.

Conclusion

For example hi-fi's that can take more than one CD, two compartments for the cassette and the facility to record, adding a remote control, producing different sizes and increasing functions. Marketing spend has to be monitored carefully, since any significant moves are likely to be copied by competitors such as differentiation, and price reductions. Thus if industries sets minimum prices to avoid 'pyrrhic' price victory . Although this Decline Stage have not yet been reached regarding Hi-fi's surely sales have decreased once other products entered the market. Such products are CD players, iPod's, computers that can play a CD, portable CD and Radios. Hence the market is shrinking, reducing the overall amount of profit that can be shared amongst the remaining competitors. At this stage, great care has to be taken to manage the product carefully. Ultimately, depending on whether the product remains profitable, a company may decide to end the product. The more a firm takes care of the marketing mix without forgetting what the consumers are looking for, thus in a few words remaining competitive, during the product's existence the longer the product's life cycle will be. Product Odette Caruana 2nd year ...read more.

The above preview is unformatted text

This student written piece of work is one of many that can be found in our GCSE Marketing section.

Found what you're looking for?

  • Start learning 29% faster today
  • 150,000+ documents available
  • Just £6.99 a month

Not the one? Search for your essay title...
  • Join over 1.2 million students every month
  • Accelerate your learning by 29%
  • Unlimited access from just £6.99 per month

See related essaysSee related essays

Related GCSE Marketing essays

  1. Free essay

    Essay for radio

    Classics with Suggs 10.00pm - The Late Show with Robin Burke Logo: Kerrang * The logo looks like it suits all type of people, the word kerrang is onomatopoeic and anyone who looks at the logo will see that they put on rocky music.

  2. Advertising and Marketing Assignment

    From this the advertisers have given the target audience a positive facial expression but in disguise. The whole picture is very lively and also very summery. The season summer is associated with this car due to the fact that it has a soft top and the car is ideal to pose in and look hot and sexy.

  1. Our product is a toilet seat that lifts up with the step of a ...

    On the right hand side was a pedal that was attached to an arm which then connected to the toilet seat. The drawing demonstrated that when the pedal was stepped on the toilet seat would lift up and when the foot was taken off of the pedal the seat would come back down.

  2. Section 1: Promoting two products to two different market segments

    extract of lemon 2% * Glycolic sphytoextract of solanceae 1% * Glycolic extract of dardana 2% * Algal sulphide fluid extract 8% * Water sulphide from the Termal di Repole The augmented product The augmented product of 'Regenerate' For Men face wash is the usage questionnaire, provided together with the product.

  1. Product life cycle

    Expensive products like new cars would be slow to sell at first because the car has not been proved as reliable as yet.

  2. E3 create a realistic rationale for the development of a coherent marketing mix for ...

    The gaps between the markets are so tight with tough competitors around like Coca Cola, Vanilla Coke, and Lucozade etc... In order to break through these gaps I must launch my product at the right place, and at the right time, and also at the right amount.

  1. Develop a marketing strategy for an existing product but redeveloping it to meet my ...

    of viewers and the secondary research I obtained on Cadburys market strategy, say that television has become their main method of advertising (evidence in appendix). This method increases sales and publicity with catchy adverts/gimmicks, that the public will relate to and remember your product from.

  2. Advertising & promotion

    Advertising agencies Advertise is a very expensive business, to make sure that the money is well spent I will hire a company to do it right. For my advertising campaign to be successful it must: > Reach the right audience > Be attractive and appealing > Make the money that the audience cost back in sales.

  • Over 160,000 pieces
    of student written work
  • Annotated by
    experienced teachers
  • Ideas and feedback to
    improve your own work