A Comprehensive Guide on Product Life Cycle

For over a thousand years, we humans have been dwelling in this consumerist society. Within this society, everyone is taught that ‘more is a good philosophy. And, one of the most crucial pillars that represent this philosophy well is the ‘products’. Isn’t this well evident anywhere we go? Starting from wherever we look around us, to wherever we find our accommodations, we are all bombarded with so many products that have been produced, sold, promoted, exchanged, and even discarded.

If we ask you to ponder over your thoughts and find out the names of just five products without which you would not be able to sustain. Won’t you already have more than five? However, have we ever spent some time thinking about the product life cycle that takes place before we have any particular product in our hands? What are the processes that are followed to transform an idea into a prototype and then a final product before it is delivered to your doorstep?

These are some of the questions that this blog will answer. My Assignment Services is a reputed online platform that hosts over 2,500 prolific academic writers in the team who have been engaged in bringing out the best reference assignment solutions for students in the USA and all over the world. Our management assignment help experts will guide you through this entire process to make approaching these assignments a lot simpler for you. So, let us get started.

What Is A Product Life Cycle? This Is What Our Management Assignment Writers Say

Why do we only think human beings just have cycles? There is no product that does not have a specific cycle. With the help of a product life cycle (PLC), it becomes quite convenient for us to describe the different stages that a product has to go through. From being just an idea to the final stage where it is discontinued, this is one of the most important topics in business management and marketing. When we have a thorough understanding of the PLC, we will be in a position to boost up the advertising, redesign the packaging of the product, minimise/maximise the cost of the product, expand to bigger markets, and more. Before we give you A Comprehensive Guide on the Product Life Cycle, let us quickly recapitulate different stages that products have to go through.

Which Are the Five Stages In The Product Life Cycle?

It would be really helpful for you to know the different stages that are involved in a PLC before you get started with writing an assignment on this topic. Our management assignment help experts have covered a vast array of topics in this field and guided students to make them proficient with all the assignments that they have got from their professors. Let us quickly brief you on the five stages of the Product Life Cycle (PLC). These include:

1. Development

We know that every product begins with a raw idea. After this, a lot of research is conducted during the development phase where a lot of other aspects are looked at. For instance, it is checked whether the product idea is feasible and potentially profitable or not, or is impractical. If the former happens, then only it is forwarded to the next stages, else, the production gets cancelled.

During this stage, sometimes, a lot of capital investment is required for developing and testing the product before it can be put forth in the market.

2. Introduction

As per our management assignment help experts, this is the stage in which marketers have to spend a lot in advertising and promoting the product to help it reach the target consumers so that they are able to know it better and get to understand the pros of using that product.

In addition to this, there are several marketing activities as well that have to be performed in this stage. These include:

• Pricing
• Branding and quality
• Distribution

Not just this, different kinds of intellectual property protection are also determined during this stage.

3. Growth

For every product that has to be introduced in the market, this is the golden stage. Depending upon the increased demands, every marketer tries to maximise the share of the market so that even the production can be increased to fulfil the increasing demand.

Also, some other steps like ensuring the quality of the product, adding new features to the products, revising the distribution channel, and more are looked upon in this stage.

4. Maturity

Now that the product starts to get matured, it now enters the stage where most of the profits are made with the help of high unit sales. The distribution of the products become even more intensive while the production and the prices of the products lower down.

Competition increases where companies lower the prices of the products or often lure the customers with enhancements.

5. Decline

Due to market saturation, fluctuating needs of the audience, high competition, etc, the revenues generated by the product often falls. As a result, the organisations can either ‘extend’ the production or discontinue the product. When they extend the product, what they do is rebrand the existing products and call it a version that is ‘new and improved.

In this Comprehensive Guide on Product Life Cycle, we hope we have covered all the points well in this blog.

If not, then this figure will help you understand the product life cycle (PLC). If you are still not clear, then have a look at the following excerpts that are from the solution drafted by our management assignment help experts covering the topic of Product Life Cycle (PLC).

As you can see, we have already discussed the five stages of a product life cycle in the above section. This is how we answer the question that we received from students.

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