Question 3/ 350 words: a) Describe all stages of the product life cycle. b) Give...

50.1K

Verified Solution

Question

General Management

Question 3/ 350 words:
a) Describe all stages of the product life cycle.
b) Give an example of a real company’s behavior in one of thelife cycle stages of your choice

Answer & Explanation Solved by verified expert

3.9 Ratings (565 Votes)

Introduction Philip KOTLER The product life cycle is an attempt to recognise distinct stages in sales history of the product PLC concerns with the study of degree of product acceptance by the market overtime It includes major raises falls of sales during its life Product Life Cycle Stages The products life cycle is the course of a products sales and profits over its lifetime The cycle has five distinct stages that include product development introduction growth maturity and decline Even though there are 5 stages not all products go through every stage It depends on the product and its popularity 1 Product development is when the idea for the product is developed During this stage there are no sales for the product just investment costs 2INTRODUCTION STAGE Hugeselling promotion cost are required to increase awareness of the customers Price is kept high to recover high development production marketing cost Marketerhas to tackle technical and production problems Salesare low and increasing at a lower rate And There is loss or negligible profit There is no competition Introduction stage is when the product is first introduced and consists of low sales that might increase There is usually no profit during this stage because all of the sales are going towards costs of launching the product 3Growth stage is when there is an increase in sales and profits The company can also invest more in promotions to keep the product strong Sales increase rapidly as a result of consumer acceptance of the products Company See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member