Growth approaches extend the existence of the product before it moves into decline phase. Therefore companies apply marketing strategies to further improve product sales.
The Product Life Cycle concept allows you to have an understanding of the changes in field faced by international locations that have preferred to emphasis on the production of one or even more characteristic products.
The product life cycle is a crucial consideration when it comes to marketing. The concept talks about the most important phases a product passes through from the time it was initially developed till the time it eventually is slowly removed from the market. Don’t assume that all products arrive at this very final phase. A number of them continue to grow and maintain the market share, yet others rise and then tumble.
A product passes through four primary life stages that define its cycle:
Introduction stage – researching or exploring, developing or building and subsequently introducing the product
Growth stage– in cases where product sales are rising at their most convenient rate
Maturity stage– product sales tend to be in close proximity to their maximum potential; however the rate of growth is going slower as a consequence of new competitors in market or saturation
Decline stage – very last phase of the cycle, in cases where product sales start to tumble.
What can certainly companies carry out to extend the Product Life Cycle?
Growth approaches extend the existence of the product before it moves into decline phase. Therefore companies apply Marketing strategies to further improve product sales. Examples of the methods have proven to be:
Promoting and advertising – make an effort to win new market or even emphasize the existing group of buyers
Selling price reduction – more appealing to potential consumers
Adding more value – bring in additional features to the present product
Discover untouched markets – advertising and marketing the product into completely new geographical destinations
Better appearance – make an effort to enhance the appearance of the product outlook and bring in needed modifications