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Product Life Cycle

The product life cycle is the set of stages that go through the products or services that a company offers or markets in the market from its launch to its withdrawal.

From the point of view of marketing, each of these phases of the product life cycle requires the use of specific tools to control the evolution of sales and achieve the objectives set.

Everything that begins usually has an end. It also happens with products.

What are the stages of the product life cycle?

These are the most prominent stages in the life cycle of a product:

- Introduction: The inaugural phase of market release. A period where sales are low and don't expect too many benefits. The objective at this stage is to publicize the product and generate need among consumers. To do this you must use some instruments, such as advertising.
- Growth: In this phase sales begin to rise little by little. Therefore also the benefits. Now what is sought is to penetrate everything possible in the market. Advertising of the product or service continues.
- Maturity: Once the product is consolidated in the market, with the consequent growth in profitability, it's necessary to differentiate from the competition with tools such as price and advertising.
- Decline: Sales of the product or service fall, as well as the benefits. The market is currently very saturated and it's time to eliminate the product of the circulation or innovate to remain strong.

Precisely, this last aspect is essential to extend the life of the product or service. The goal is that investing in research and development as a marketing strategy allows them to remain competitive in the market and not lose sales.

How do you continue to maintain the product life cycle?

Carrying out the following:

- Renewing, improving its quality and characteristics so that it continues to cause interest and impact among consumers.
- Replacing them with a new one. If the image of the product deteriorates and it's difficult to recover it's advisable to make a blur and a new account.
- Expansion of the range. A new product or service that's launched on the market can complement existing ones with new possibilities that haven't been met until then. In this way they become more competitive and can reach new public niches.

Why do products or services have a limited life?

These are the main reasons:

- Because the consumer gets tired of them. Monotony causes saturation and discontent. In variety and differentiation is success.
- Because advances in technology end up offsetting them. Above all, it happens with computers, mobile phones and other appliances.
- For the planned obsolescence.

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