Quick Answer: What Is Product Life Cycle In Simple Words?

What is product life cycle and its importance?

The product life-cycle is an important tool for marketers, management and designers alike.

It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace..

What is product life cycle with diagram?

Product life cycle diagram is the graphical representation of four stages of a product life namely: Introduction, Growth, Maturity and Decline phase. Product life cycle also called PLC is a concept of marketing that tells about the various stages of a product in its entire existence period or life.

What are the types of product life cycle?

There are five distinct product life cycle stages:Product Development. When the company finds and develops a new product idea, product development starts. … Introduction. Sales slowly grow as the product is introduced in the market. … Growth. … Maturity. … Decline.

What is product life cycle with example?

In the life of business, product life cycle passes through four stages: introduction, growth, maturity and decline.

What are the 5 stages of product life cycle?

The life cycle of a product is associated with marketing and management decisions within businesses, and all products go through five primary stages: development, introduction, growth, maturity, and decline.

Where is Coca Cola in the product life cycle?

Coca-Cola is a great example of a product that has had a very long product life cycle. Since being introduced in 1886, it has spent the majority of its life in the maturity stage. However, its sales over recent times lead to the question of whether it is has now entered the decline stage.

What are the characteristics of product life cycle?

The Product Life Cycle (PLC) is the life span of a product from development, through testing, promotion, growth and marketing, to decline and perhaps regeneration. 1. Each product or goods has a life cycle like human beings, plants and animals.

Which product is in decline stage?

Sony VCRs are an example of a product in the decline stage. The demand for VCRs has now been surpassed by the demand for DVDs and online streaming of content. Sometimes companies can improve a product by implementing changes to the product, such as new ingredients or new services.

What is product life cycle explain?

The term product life cycle refers to the length of time a product is introduced to consumers into the market until it’s removed from the shelves. The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline.

What are the 4 phases of the product life cycle?

The product life cycle traditionally consists of four stages: Introduction, Growth, Maturity and Decline.

How long is product life cycle?

Product life cycle is the life expectancy of a product from the time it is launched until it is no longer available. The length of the product life cycle varies based on industry, product and market factors. In some situations, a product may pass through the life cycle stages in a matter of months.

How is product life cycle calculated?

The introduction or development stage is the starting point for a product life cycle. The characteristics include limited sales and possibly losses. Development elements include brainstorming, requirements analysis, preliminary and detailed design, prototyping and manufacturing.

Which product is in introduction stage?

During the introduction stage, the product is promoted to create awareness and develop a market for the product. In the growth stage, the firm seeks to build brand preference and increase market share. The primary objective during the maturity phase is to defend market share while maximizing profit.

What is an example of a life cycle?

The definition of a life cycle is the series of changes that happen to a living creature over the course of its lifetime. An example of life cycle is a caterpillar turning into a butterfly. A progression through a series of differing stages of development. The life cycle of a star.