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The product Life Cycle refers to the entire process that a product goes through from its launch till the time it is taken away from the market
Product Life Cycle in simple terms is defined as the progression of a product through four important stages Introduction, Growth, Maturity, and Decline
Product Life Cycle - Importance
- Forecasting
- Planning
- Calculation of profit
- Development of new products
Product Life Cycle - Uses
- Helps to determine if the product is reaching the target market
- Offers data for better decision-making on cost and revenue
- Making an updated strategy for the development of products
- Identify when a company needs to save or revive a brand
- Tells about the decline of a product
- Helps the firm to decide if they need to produce new products
Product Life Cycle Stages
Introduction Stage
Refers to the initial stage of a product when it is introduced in the market. In the introduction stage, the investment is huge, sales and growth slow, profit low and the cost are high.
Example
1. Artificial Intelligence Product
Growth Stage
The Growth stage refers to the period when consumers start buying the product. There is improvement in sales, the cost starts decreasing, profits increase, competitors emerge and customers become aware of it.
Example
1. Airpods
2. Apple Watch
Maturity Stage
The Maturity stage is the longest phase of the product and here the product reaches its peak, sales, market share and profits are at the highest point and the product faces stiff competition.
Example
1. Tablets
Decline Stage
The Decline Stage is the last stage of the product life cycle where the sales figures and profits both are at their lowest.
Example
1. iPod Nano
2. iPod Shuffle
This video is on the Product Life cycle and its stages and it has the following sub-topics.
Time Stamps
0:00 Introduction to Product Life Cycle
01:00 Product Life Cycle Importance
01:33 Product Life Cycle Uses
02:10 Product Life Cycle Introduction Stage
02:54 Example: Artificial Intelligence Product
03:09 Product Life Cycle Growth Stage
03:41 Example 1 Airpods
04:04 Example 2 Apple Watch
04:38 Product Life Cycle Maturity Stage
05:27 Example: Tablets
06:11 Product Life Cycle Decline Stage
06:44 Example: iPod Nano and iPod Shuffle