Product Life Cycle Introduction: This paper aims at analysing the usefulness of the Product Life Cycle (PLC) concept to the marketers. It will describe the different stages of the PLC concept and their respective implications on the marketing mix and the strategies which can be adopted during the different phases. Every new product right from its entrance in the market till its elimination from the market goes through a certain sequence of stages known as Product Life Cycle. There are four stages
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of marketing i.e. product ‚ price‚ place and promotional activities. Product Life Cycle : Product Life cycle is the process through which products pass through several stages of development in its life from introduction to decline. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage. Some continue to grow and others rise and fall. Stages of product life cycle include : 1) Development
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TRENDS IN DATA 2 3.0 PORTER ’S FIVE FORCES ANALYSIS 3 COMPETITION IN THE MP3 PLAYER INDUSTRY 3 3.1. Rivalry Among Competing Sellers of MP3 Players 4 3.2 Threat of Potential New Entrants into the Manufacturer of MP3 Players 5 3.3 Firms in Other Industries Offering Substitute Products for MP3 Players 6 3.4 Suppliers of Materials‚ Parts‚ Components‚ or Other Resource Inputs for MP3 Players 7 3.5 Buyers of MP3 Players 7 4.0 DOMINANT ECONOMIC FEATURES 8 5.0 COMPETITOR ANALYSIS 9 Differentiation
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TRENDS IN DATA 2 3.0 PORTER ’S FIVE FORCES ANALYSIS 3 COMPETITION IN THE MP3 PLAYER INDUSTRY 3 3.1. Rivalry Among Competing Sellers of MP3 Players 4 3.2 Threat of Potential New Entrants into the Manufacturer of MP3 Players 5 3.3 Firms in Other Industries Offering Substitute Products for MP3 Players 6 3.4 Suppliers of Materials‚ Parts‚ Components‚ or Other Resource Inputs for MP3 Players 7 3.5 Buyers of MP3 Players 7 4.0 DOMINANT ECONOMIC FEATURES 8 5.0 COMPETITOR ANALYSIS 9 Differentiation
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The product life cycle concept is the explanation of the product from its birth to death as a product exists in different stages and in different competitive environments. William j.stanton Like humans every product have certain length of life during which it passes through various stages ‚ which can conceptually be represented as product ageing process. Similar to human life a product`s life can also divided into four parts. Introductory stage Growth stage Maturity stage Decline stage
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Product Lifecycle Management Stage 4: Decline The decline stage of the product life cycle is the one where the product ultimately ’dies’ due to the low or negative growth rate in sales (see Figure 1). Profitability will fall‚ eventually to the point where it is no longer profitable to produce‚ and production will stop. As a number of companies start to dominate the market‚ it becomes increasingly difficult for the company in question to maintain its level of sales. Consumer tastes also change
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The Life Cycle of Products In Their Many Various Stages By: September 9‚ 2013 Eaglegate College In today’s market place‚ segmentation is a crucial strategy for nearly all successful companies around the world. A good example is Canon Corporation who makes a line of compact digital cameras. Now Canon sales for digital cameras have rapidly increased every year since they first introduce this line of camera. Canon’s whose continued growth must be attributed
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handheld CD player‚ and into the craze that is now the MP3 Player. Technology is a fast paced market. Much like Darwin used the term “Survival of the Fittest” to play upon natural selection and predominance‚ it can be found in the technology industry today. There are over 100 producers of the MP3 player‚ however‚ there are only about 7 key companies who stand a chance to rank as the top in the industry‚ a title currently held by Apple. The invention of the portable Music Player or MP3 was brought
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I. 5 Reasons why new products fail 1. A Lack of Resources - Resources have a funny way of disappearing when you most need them. If we are talking about human resources then you will find that your team members end up stretched and pulled all over the place once the work starts to pick up in earnest. In terms of other resources such as office equipment‚ it can be important to plan well ahead and order anything you are going to need a long time before you actually need it. 2. Project Plan Ignored
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Cost/profit estimates Finance Cash flow and funding Human Resources Hiring/recruiting/training Marketing Pricing‚ promotion‚ strategy MIS IT/IS systems‚ services Operations Schedules‚ MRP‚ workloads Product/service design New products and services F EATURES COMMON TO ALL FORECASTS Assumes causal system p ast ==> future Forecasts rarely perfect because of r andomness Forecasts more accurate for g roups vs. individuals Forecast accuracy decreases
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