The Product Life Cycle

What is Product Lifecycle? PLC shows that there are four common things in products: (1) limited useful life, (2) sales go through different stages, different characteristics, Challenges, Opportunities Through these stages, (4) the strategies of finance, personnel, manufacturing, marketing and procurement required for each stage of the product are different (Kotler and Keller, 2006).

Hello everyone! In last week 's marketing class, I learned about product life cycle. All items and services entering the market go through the product lifecycle. The stage of product life cycle is introduction, growth, maturity, and decline. Each product is experiencing this lifecycle, but the duration of the cycle and the shape of the curve can be very different. Apple currently has many products at various stages of the product lifecycle. Recently, they released the red iPhone. Since this is a new product, it is in the introduction stage. This stage is characterized by low sales and slow growth. Apple sells red iPhones to raise awareness and funds for the Global Fund to fight HIV and AIDS. By doing so, Apple promotes corporate social responsibility. Since this product is not so different from other iPhones, it is regarded as a low learning product.

Marketing is good, and the sales and profits of the original product innovator can fall dramatically. Apple iPhone Product Lifecycle: The Apple iPhone is in the maturity stage of the product lifecycle. At this stage Apple's main goal is to maintain market share while maintaining revenue. In the early stages of the product lifecycle, the iPhone can become a superstar. As a result, many similar products eventually appeared on the market. For this reason, the market for products such as iPhone is supersaturated. This and many other factors will help drive the iPhone

In the classroom, you can see how the product works in the market by product life cycle and product life cycle. The product has undergone four stages of product life cycle. It is introduction, growth, maturation, and decline. At the introduction stage, we promote products to increase awareness. During the growth period, sales and profits will increase. At the maturity stage, most of the profits are acquired at this stage and competitors are established. In the declining phase, sales declined and profits declined. At this stage, the company can also decide to cut the product.