Product Life Cycle
Write down the major phases or stages of Product Life Cycle?
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PRODUCT LIFE CYCLE:
The product life cycle consists of four major stages listed below:-
• Introduction: in this stage the product is introduced in the market and its acceptance from customers is obtained. Sales volume and profits are low as the consumers take time to shift to a new unknown product. Competition is low, distribution is limited and prices are relatively high. High advertisement expenditure is undertaken to create primary demand. Growth rate of sales is low and costs are high due to limited production.
• Growth: as the product gains acceptance, demand and sales grow rapidly. Competition increases and prices fall. As economies of scale start generating profits, attempt is made to improve the market share by deeper penetration into the existing market and ways are found to enter new markets.
• Maturity: during this stage the prices and profits fall due to high competitive pressure. Growth rates become stable and weak firms are forced to leave the industry. Heavy expenditure is incurred on promotion to create brand loyalty.
• Saturation: market peaks and levels off during saturation. Few new customers buy the product and repeat orders disappear. Prices decline further due to stiff competition and firms fight for retaining market share.
• Decline: the sales and profits of the product fall rapidly due to its gradual displacement by new products or evolving change in consumer preferences. Many firms abandon the product to make better use of resources. New product innovations enter the market to take place of obsolete products.
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