It's All About Product Life Cycle
In this article, I would like to discussed the importation I knew about the product life cycle, its importance, stages in conventional or stretched, and functions of product life cycle.
1. What is a Product Life Cycle and its importance?
Product life-cycle is the succession of strategies used by business management as a product goes through its life cycle. It is important because product's development go through different stages and by those, they can determine what is the best stages they can use to generate their sales.
2. What are the stages in conventional and stretched PLC?
Conventional PLC
Introduction
Growth
Maturity
Decline
Stretched PLC
Gestation
In this stage, it is more on investment of knowledge and information. The brainstorming of ideas start on this to come up with a product.
Introduction/Launch
In this stage, there are only few customers might known your product because it is newly launched but if those customers were satisfied they might suggests your product to others.
Growth
If the product might acquired strong market, the sales and revenue might increase.
Maturity
It occurs when the new product has successfully displaced the product for which it was substitute.
Saturation
It is the advance stage of maturity.
Decline
It occurs when the product peak in maturity and saturation stage and then begins a downward slide in sales.
Delimination
Withdrawing variations of the product from the market that are weak in their market position.
3. What are the functions of the Product Life Cycle?
It is used for decision-making, from pricing and promotion to expansion or cost-cutting.
To the strategies that will be used at any stage in a product's development for sales and marketing purposes.
To determine if the product is effective to the public.
4. Why is understanding the Product Life Cycle necessary for businesses?
Understanding product life-cycle is necessary for businesses because it is specifies four individual stages of a product's life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.
That's all! I hope you enjoy reading and learned something to this!
Let me know your about this article, just comment down below!
# 42
: Thursday
: September 22, 2022
: Re-joyce
Everyone going to be business student soon at U of Joyce!! A little different from when I learned about it, we didn't learn about the additional stages in the stretched PLC. They concepts were just included in the 4 traditional stages.