Product life cycle – everything you need to know about it.

Product life cycle – everything you need to know about it.

Every product that enters the market always has a certain lifespan. It becomes obsolete at some point and is replaced by a more modern and convenient analogue. This process is called the product life cycle. In this article Modems Manual | PDF | 4 G | Mobile Technology, we will consider the concept of life cycle, its main stages and types, and also analyze the advantages and disadvantages of using this concept.

What is the product life cycle The importance of the product life cycle in marketing Life cycle stages Development Implementation Sales growth Maturity Stage of decline Leaving the market Laws of product life cycle Law of rising needs Law of social development Types of product life cycle: base curves “BOOM” curve “Plateau” curve Curve “ Seasonality ”Curve“ Scallop ”Curve“ Failure ”Disadvantages of the life cycle concept How to extend the life cycle of a product Conclusion.

What is the life cycle of a product.

The life cycle of a product is the period of time during which a product is on the market: product introduction, market saturation, end of sales.

In other words, life cycle cycle is the period of a product’s existence on the market.

The essence of the concept: any product will sooner or later be forced out of the market by other, more advanced goods. These conditions apply to the kind, type and class of the product, as well as to the specific model and brand.

The life cycle of all products is different – it depends on the type of product and the market where it is placed. In the modern world, you can see such a tendency to accelerate the lifespan of a product. Every day new products enter the market, which are cheaper or better than their predecessor.

A simple example is smartphones, the specifications of which improve every year.

The classic curve of the stages of product development looks like this: from the bottom – the life line of the product, to the left – the volume of sales. There are two levels in this chart – sales and profits, as well as their ratio at each stage. In the following sections, we’ll break down each stage in more detail.

The classic graph of the product life cycle.

The importance of the product life cycle in marketing.

Knowledge of life cycle products helps to understand how to better present a product at different stages, ensure its long existence, identify signs of oversaturation in the market and correctly build a promotion strategy.

Also, the concept will help: