and sales team to maintain the market share as new competitors would be penetrating into the market. The four stages that compose the cycle are introduction, growth, maturity and decline. The goal of maturity stage is to extend product life cycle while maintaining market share. The fourth and last stage is the decline stage. Example of a product in this stage is Coca Cola. This is done after target market is identified and ensured that the need for your product or service exists. There are more versions of the product available and its distribution has been broadened. Distribution Initially, the distribution is done selectively Promotion Creation of awareness is the only goal of promotion Growth Look how the product is establishing market and making profit in comparison to the competitors. The once most used medium for music listening, but currently is more and more replaced by CDs, Mini Discs, or MP3 players. First Stage, introducing the Product : Brand Building. OR, it is the period of time over which an item is developed, brought to market and eventually removed from the market.
Each stage has its own characteristics regarding marketing objective, competition, product, price, promotion and place. Price If the demand of the product is high, price is maintained at high level whereas; if you want to target additional customer segments, reduce the price. Digital cameras can definitely succeed for its mass targeting but sellers need to develop some strategy to attract customers. A product life cycle is composed of four different stages each with its own properties and characteristics. Furthermore, in the introduction stage sales if any are relatively low. In this stage sales decline rapidly and profits become low to none. When a new product is launched in the market, it starts gaining customers; then it stabilizes and becomes mature; then after some time, it is taken over by the introduction of better and superior competitors therefore, it is withdrawn or harvested from the market. Product Life Cycle Essay, Research Paper.