Products Tend To Go Through Certain Stages During Their Life
Products Tend To Go Through Certain Stages During Their Life On The Ma
Products tend to go through certain stages during their life on the market. There are particular marketing characteristics associated with each stage of this cycle. Identify products that best represent each particular stage. Support your selection with evidence characteristic of that particular stage. Identify current products that are on the market today and discuss the following: Select separate products as an example of each of the stages of the Product Life Cycle concept. Provide evidence to support your position. Identify the marketing characteristics that are present for that particular life cycle stage with the product you selected. Please try not to select a product that has already been posted by another student. Challenge/ confirm other students' responses with evidence of your own. Be sure to provide supporting evidence for your statements. Write your initial response in a minimum of 200–300 words. Apply a standard business writing style (headers/ sub heads/ bullets) to your work but be sure to cite your work in the APA format.
Paper For Above instruction
The Product Life Cycle (PLC) is a crucial concept in marketing that describes the stages a product goes through during its time in the marketplace. These stages include Introduction, Growth, Maturity, and Decline, each characterized by distinct marketing features and consumer behaviors. Understanding these stages helps marketers develop appropriate strategies to maximize a product’s success and extend its lifespan.
Introduction Stage
The introduction stage marks the product's launch into the market. Sales grow slowly, and marketing efforts focus on raising awareness and stimulating demand. An example of a current product in this stage is the latest virtual reality (VR) headsets, such as Meta Quest Pro. These products are relatively new, and companies are investing heavily in marketing to educate consumers about their benefits. Evidence of this stage includes high promotional expenses, limited competitors, and low or negative profits as firms focus on market adoption (Kotler & Keller, 2016).
Growth Stage
During the growth stage, sales increase rapidly as the product gains acceptance. Competition begins to emerge, and marketers emphasize brand differentiation and expanding distribution channels. A fitting example is electric vehicles (EVs) from companies like Tesla. As EVs grow in popularity, manufacturers are scaling production, reducing costs, and increasing advertising to solidify their market share. Characteristics of this stage include rising profits, increased competition, and expanding customer base (Lamb et al., 2018).
Maturity Stage
The maturity stage is characterized by a slowdown in sales growth, market saturation, and intense competition. An example today is smartphones from brands like Apple and Samsung. These products have reached widespread adoption, with peak market penetration. Marketing strategies focus on differentiation, brand loyalty, and feature enhancements to maintain market share. Evidence includes stable or declining sales growth, features differentiation, and price competition (Armstrong & Cunningham, 2021).
Decline Stage
The decline stage occurs when sales decrease due to technological obsolescence, changing consumer preferences, or new substitutes. An example is traditional landline telephone services. As mobile technology advances, demand for landlines diminishes. Companies often cut marketing budgets, reduce production, or phase out products. The primary marketing characteristic is decreasing sales volume and profit margins, with competitive pressures leading to product discontinuation or niche marketing (Lehman et al., 2017).
Conclusion
In summary, understanding each stage of the Product Life Cycle enables businesses to tailor marketing strategies effectively. Recognizing current products in each phase helps companies innovate, extend product life, and optimize profitability. As the market evolves, continuous analysis of product positions within the PLC ensures sustainable growth and competitive advantage.
References
- Armstrong, G., & Cunningham, M. H. (2021). Principles of Marketing (18th ed.). Pearson.
- Kotler, P., & Keller, K. L. (2016). Marketing Management (15th ed.). Pearson.
- Lehman, G., Roberts, G. B., & Allen, J. (2017). Marketing: Theory and Practice. Routledge.
- Lamb, C. W., Hair, J. F., & McDaniel, C. (2018). MKTG. Cengage Learning.