Product life cycle,stages of product life cycle,managing the life cycle.

1. THE PRODUCT
LIFE CYCLE
By:-APURV KUMAR
MAURYA
MBA 2ND SEMESTER
MONIRBA

2. WHAT IS PRODUCT LIFE
CYCLE
 Product life cycle is the progression of an item
through the four stages of its time on the
market. The four life cycle stages are:
Introduction, Growth, Maturity and Decline.
Every product has a life cycle and time spent
at each stage differs from product to product.

3. Maturity
Product Life Cycle

4. Stage 1: Introduction
 Stage 1: Introduction
 First ,product development and design is
considered
 Occurs when product first enters marketplace
 Promoting consumer awareness
 Getting customers to try new product
 Lot of money is spent to educate consumers
 Major task: getting product in the marketplace

5. Stage 2: Growth
 Stage 2: Growth
 Product is accepted by consumers and traders
 Adding distribution outlets
 Profit increases at an accelerated rate
 Sold in more locations
 Firm priortize sales volume.

6. Stage 3: Maturity Stage
 Stage 3: Maturity Stage
 Sales begin to slow down for the product
 Repeat customers stop buying the product
 Attracting new buyers is a challenge
 Product has reached its peak

7. Stage 4: Decline
 Stage 4: Decline
 Sales and profits drop
 Little to no marketing support
 Product may be dropped by company
 There is no longer a demand for the product

8. Managing the Life Cycle
 Product Modification:
 Changing a product’s characteristics
 package, features, appearance, quality
 Companies market this “new” product to increase sales
 Market Modification:
 Strategy to find new customers
 Modify the product to create new target market
 Encourage current customers to use the product more
 Repositioning:
 Change product’s image in relation to competitor’s image
 A change in any of the 4 P’s (Marketing Mix)
(1)Price
(2)Product
(3)Place
(4)Promotion