What Is The Product Life Cycle How Can It Be Used

Question 1) what is meant by the Product Life bout? using examples, explain how it can be utilise to illuminate charge decisions about results.

The product life cycle is the layers that a bare-ass product goes through when entering the market place. The product life cycle usually has four stages: introduction, harvest-home, maturity and decline. Or alternatively sometimes a fifth stage is added in preliminary to the introduction termed development the pharmaceutical intentness are apt(predicate) to include a devlopment stage into their product life cycle as there is usually a significantly salient amount of time spent on developing pharmaceutical products. The product life cycle is a much used but in addition much criticised model. ADD In plot of typical product life cycle.
The introduction stage is characterised by uncertainty with the product and a product is often launched on a small-scale production and is usually very data-based and skill intensive. This stage sees few pioneer customers and growth of the product is slow collect to buyer ignorance, uncertainty in industry standards and not enough buyers to demonstrate the product and start the bandwagon effect. This stage of the product life cycle encourages advertising aimed at inform ignorant potential customers.



The second stage growth sees a rapid increase in sales of a product, which is due to buyer inertia being overcome. Buyers now know more than about the product and are understand what it is and what it does. This stage also sees the bandwagon effect coming into place. Prices of the product are beginning to recall and the industry standards become clearer and there is less risk involved. The terzetto stage is the maturity stage, here the product is well understand by consumers and producers however there is increasing competition along with a decline in the number of competitors. There is smallish growth in the market as saturation in tar pull out consumers is reached. Sales begin to depend on growth in target population and repeat sales....If you want to get a full essay, order it on our website: Ordercustompaper.com



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