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Product Life Cycle

Animals have life cycle, plants have life cycle and human beings also have a life cycle, the human do exist on this Earth till their life. Thus human have life cycle, products also have the lifecycle till they live, survive in the market and sustain in the market. Once they reduced their sustainability of living they do die from this Earth and go to the criteria of death.

Like human beings cross from certain stages of growth and life as well as death, products do have the criteria of birth, maturity, decline and death. It also cross all the stages and the product also requires lot of stages, the professional skills and disciplines, various methods, tools and techniques and many more. Product has limited span of time which passes through different challenges, problems, opportunities, strengths and weaknesses to the seller who is selling that product because it has to cross different phases and different stages of life that is it requires certain strategies and policies to follow the rules and regulations to keep in a growth stage and sustain in a market. It requires the strategies to be applied for certain product like Human resource activities which will take the decision in terms of finalizing all the deals of the product, it requires to do the part of financing which is needed to decide about the part of financing and which takes the decisions about the investment part, profit part from that product, the resources which are available for the manufacture of that product, it also requires marketing because marketing for a product helps in many ways, to understand the size of the target group, to understand about the target customer, to know about the needs and wants as well the requirements of the people, to know about the age group of the target profile which product will suit the target customer. Purchasing also needs to identify because it helps in the sales and marketing people to launch the product on the basis of purchasing power of the customer, how much customer will benefit this product? How much customer can suit this product and other needs and wants as well the demand of the purchaser or a consumer which matters a lot and the last thing which comes is manufacturing that says that the quality which they will manufacture in the product will be of what level? The product features, the style of the product, the performance of the product and many more things they keep in mind while manufacturing the product. The product quality, product features and the product cost which is manufactured by the good manufacturer.

There are four main stages in product life cycle and those are as follows:

1. Market / introduction stage

2. Growth stage

3. Maturity stage

4. Decline / saturation stage

In the introduction / market stage, customers are not there to buy the product but they need to be created, in the first stage, one can’t make much profit, there is no such competition in the beginning of the sale, there is no demand of the product but it needs to be created in the first stage where the demand of the customer can either be created by convincing them with your quality comparing with other different brands which are known ones or they can be given some sort of discounts so they can become your regular and existing customers as well that customer will only prefer you when he thinks of purchasing. There is no such profits which a seller can earn or gain in this stage because market and people are unaware of his product and he needs to create an awareness among the people and make his good reputation.

Suppose somebody have launch a shop of garments exclusively for men and it is the first day you are going to visit his shop along with your friends to buy a T-shirt for you on the time of launch and you have seen that he is distributing chocolates to you as well all your friends, not only one time he is distributing it but he is continuing it when you came and when you ate and finished the chocolate as well after you purchase the items from his shop which will make the people remember him somehow and continue going in his shop because of his nice behavior.

Second comes the growth stage in which the sales volume increases significantly and the shopkeeper is also gaining profitability in terms of selling, the awareness also has been increased in this stage where most of the people knows now about this strategy and his shop where he is able to create a good word of mouth and competition also starts increasing in this stage where a shopkeeper tends to decrease his prices for being sustain in the market.

Then maturity stage occurs which says about the competitors who have entered in the market, profits also goes down because of the competitors entry in the market, because of the reduction in prices in this stage where one needs to decrease its prices due to high competition and the profits of the company slows down.

In the stage of decline and saturation one needs to become aware of the fact that profit is more challenging in this stage and the sales also have been reduced the prices have been decreased of the product and the shopkeeper lose all the potential.