Product life cycles
Do you remember your first mobile phone? How about computers sold in expansive carton boxes? Or cassette players as a means to listen to your favourite music group?
Technological innovations and developments have shortened the life of products that once contributed to the competitive advantage of many organisations, while working to help modify the products and services offered by those organisations. Any product (or service) has a life cycle which can be divided into four stages: introduction-characterised by slow sales, growth-a period of profit improvement, maturity-with slowdown in sales figures, and finally decline. How, then, might organisations and their marketing professionals, carefully define marketing mixes to ensure a long life for their products and services?