Question

Read the following and respond: What is the product life-cycle? Describe in detail the four stages. At what stages of the product life cycle is it most important to inject marketing activity? Explain your answer. Is it possible to continually extend a brand to increase the life cycle of a product? Requirements: • Minimum Page Length - 2 full pages (excluding title/header and reference list); 12-point Times New Roma

Answer 1

Answer 1) Product Life Cycle

A product when it's created, goes through various stages in its life. Even before the product is made the business idea is discussed to create and a sell a product that will highly satisfy the need of the customers. Research is conducted and various risks are measured. After the approval of the whole team, the product is brought to life. And it definitely varies from product to product. Everh business design and production for every product will be different. It's because some products are eatable (perishable) and others are consumned in different ways, like paintings or diamonds or refrigerators. So the product goes through Introductory, Growth Stage, Maturity stage and Decline Stage in its life.

Answer2) FOUR STAGES OF A PROUDUP LIFE CYCLE.

1) INTRODUCTION STAGE

Here the product is introduced in the market. Different types of marketing strategies are conducted to sell the product. It's the phase when the consumer comes across the new product introduced by the company. The sales will highly depend on various factors. First of all it has to be marketed properly, which is extremely expensive. The product also has to satisfy the needs of the consumer or else it will be dismissed immediately. The packaging has to attract more consumers too so that more people can try the product to see if irsi something they'd like to use more often

2) GROWTH STAGE

In this stage the product will become more popular if it's consumed by more people. The sales will sky rocket and this is why it's called the growth stage of a product. Since the profit margins will increase due to the great sales of the product, it will attract more potential investors. The investors will invest in the business company which is important for the growth of the company itself.

3) MATURITY STAGE

This is the most competitive stage of a product’s life. Since the product and company are already well established in the business market, it's important to block other new products from entering the market by keeping the consumers engaged to their product. This will require double marketing efforts and more schemes to expand the market for the product. In the maturity stage, the sales and profit margins are pretty stable and everything is going well.

4) DECLINE STAGE

Every day in the market more and more products are introduced. From well established companies to independent new, small companies who are trying to enter the market by making their own unique products. This also means that since a major chunk of consumers have already purchased the product, and they need variety in the same product they can stop purchasing the already purchased product. This will lead to the fall in the sales of the product and this is why it's called the DECLINE stage of a product’s life cycle.

Ans3. The Maturity stage. Since the company has already covered the major market and the sales are going pretry well, it will be even more important to maknatim that position in the market so more marketing stragstrat would be developed in order for the company to keep doing well in the market.

Answer 4. If the company brings a variety in the same range of products then it can definitely extend the life cycle of a product. For example, the design and production of products can be changed and improved to lure the customers and maintaining a certain amount of consumers for a long time, which extend the life cyle of the product.