Product Life Cycle Stage Assignment Help

Product Life Cycle Stage Assignment Help
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Product Life Cycle Stage Assignment Help

A product goes through different stages in its life right from the introduction stage to the growth, maturity, and decline stage. The position and the strategy of the company should also change as the market, product, and the competitors change with the progress in time. When the lifecycle of a product is considered, certain aspects are considered such as the limited life of a product, the different challenges and opportunities in the different stages of a product’s life, profits and losses at different stages, and the different marketing, manufacturing, financing, and the human resource strategies required in each of the stages. The sequences of stages beginning from introduction to the end to the end stage are called the Product Life Cycle. Marketing strategy and marketing mix are hugely affected by this cycle. Product Life Cycle Stage is an important topic of the Marketing Management and it gives an understanding to the students pursuing Marketing Management about the life cycle of the product. It is vital to learn all the portions of the product cycle and students often encounter problems and thus we at BookMyEssay support them by providing a perfect Product Life Cycle Stage assignment help. With our assistance, students can not only easily solve their problems but also get a clear picture regarding this marketing dissertation topic.

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Product Life Cycle Stages

The different Product Life Stages are as follows:

  • Introduction Stage– In this stage, the product gets introduced into the market. During this period, the product experiences slow growth of sales. The company does not make any profits and the revenues can just meet the costs incurred when the product was introduced. Pricing can be either low to penetrate the market or high skim to recover the developmental costs.
  • Growth stage– In this stage, the product is accepted by the buyers in the markets and the company makes a substantial profit. Many competitors enter the market lured by the profit made by it. The market share increases and a brand preference are built. Additional features and other support services are introduced. The firm enjoys high demand and maintains the price. Promotion is targeted at a larger audience.
  • Maturity stage– In this stage, the product faces huge competition. Though other competitors enter the market, yet the first company enjoys the position of being the leader in the market. Gradually, competition becomes intense and other forms began to make innovation and sales gain momentum. Observing this situation, the pioneer company begins innovation and attempts to bring back its original customers.
  • Decline stage– This is the end stage of a product lifecycle. Numerous factors contribute to the declining stage. Some of them are overproduction, foreign competition, technological advances, increased competition both in the domestic and the foreign market, change in the taste and preference of consumers, and many more. As the profits decline, the product withdraws itself from the market. The firms that are present reduce their production cost and forgo their profits.

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