APPLICATION OF PRODUCT LIFE CYCLE AND MARKETING MIX
APPLICATION OF PRODUCT LIFE CYCLE AND MARKETING MIX
1. Introduction to Product Life Cycle
The stages through which individual products develop over time are called commonly known as the "Product Life Cycle". The classic product life cycle has four stages: introduction; growth; maturity and decline.
Introduction Stage
At the Introduction Stage market size and growth is slight. Products at this stage have to be carefully monitored to ensure that they start to grow. Otherwise, the best option may be to withdraw or end the product.
Growth Stage
The Growth Stage is characterized by rapid growth in sales and profits. At this stage, it is cheaper for businesses to invest in increasing their market share as well as enjoying the overall growth of the market.
Maturity Stage
The Maturity Stage is, perhaps, the most common stage for all markets. It is in this stage that competition is most intense as companies fight to maintain their market share. Here, both marketing and finance become key activities.
Decline Stage
In the Decline Stage, 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. 2. Products in Growth stage
2.1 Rin Detergent Powder
This is a product which has a less market share as compares to the Surfexcel that distributed by Uniliver Sri Lanka.
2.2 Khomba Beauty Soap
Khomba beauty soap is a category of personal care product which is distributed by Swadeshi herbal Lanka (Pvt) ltd.
2.3 Clogard Toothpaste
As compared to the signal toothpaste, clogard has a less market share in Sri Lanka which is manufactured and distributed by Hemas holdings plc.
2.4 Perlwite Laundry Soap
Perlwite Laundry Soap is manufactured and distributed by Swadeshi Herbal Industrial (Pvt) Ltd.Perlwhite still is in the growth stage of product
1. Introduction to Product Life Cycle
The stages through which individual products develop over time are called commonly known as the "Product Life Cycle". The classic product life cycle has four stages: introduction; growth; maturity and decline.
Introduction Stage
At the Introduction Stage market size and growth is slight. Products at this stage have to be carefully monitored to ensure that they start to grow. Otherwise, the best option may be to withdraw or end the product.
Growth Stage
The Growth Stage is characterized by rapid growth in sales and profits. At this stage, it is cheaper for businesses to invest in increasing their market share as well as enjoying the overall growth of the market.
Maturity Stage
The Maturity Stage is, perhaps, the most common stage for all markets. It is in this stage that competition is most intense as companies fight to maintain their market share. Here, both marketing and finance become key activities.
Decline Stage
In the Decline Stage, 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. 2. Products in Growth stage
2.1 Rin Detergent Powder
This is a product which has a less market share as compares to the Surfexcel that distributed by Uniliver Sri Lanka.
2.2 Khomba Beauty Soap
Khomba beauty soap is a category of personal care product which is distributed by Swadeshi herbal Lanka (Pvt) ltd.
2.3 Clogard Toothpaste
As compared to the signal toothpaste, clogard has a less market share in Sri Lanka which is manufactured and distributed by Hemas holdings plc.
2.4 Perlwite Laundry Soap
Perlwite Laundry Soap is manufactured and distributed by Swadeshi Herbal Industrial (Pvt) Ltd.Perlwhite still is in the growth stage of product