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Product Life Cycle

Product Life Cycle
Product Life Cycle


 What does the product life cycle mean? Does it make sense for a product to have a life cycle, meaning that this or that product may be condemned to death or failure? In fact, products are similar to organisms in a lot of things, for example: they may fade, demand decreases, and they may die and be completely removed from the market by a fierce competitor.


So, the subject matter of the product and its life cycle is of great importance, especially if we are at the stage of launching a product or developing and modifying an already existing product. The importance of knowing the product life cycle comes from that it avoids failure, and protects our products from stagnation.

Read also: Important selling skills.. Success in a laborious career


Causes of failure of products

The stage of the birth house is the most dangerous stages in its life cycle; it involves a lot of risk, as it is the same stage that we have all come from success or failure, we will try, here, to outline some of these reasons that lead to failure or stagnation of some products, which are as follows:


1. overestimate the size of the market.


2. the product itself may be poorly designed.


3. the cause of the failure may be that the product was not properly Positioned "Incorrectly Positioned".


4. there is an error in marketing research conducted prior to the launch of this product.


5. product development/launch cost was higher than expected.


6. competitors are stronger than expected.


7 - wrong label.


Product life cycle management
Product Life Cycle

Apart from this and that, the products are two types: either the product is new to the company itself, in the sense that the company intends to make a development in one of its products, and perhaps the product is new to the market, in the sense that this product is coming to market for the first time.


How do we get new products?

In fact, there are two ways to obtain new products; the first is through the acquisition of a product or patent for a particular product. The other way is to develop an already existing product, modify the original products and brands related to the company itself.


Product.. From idea to market

The product life cycle goes through multiple ways, namely: idea generation, idea testing and testing, product development and testing, marketing strategy development for that product, business analysis and initial results, final product development, target market testing, actual marketing science initiation.


In the early stages of the product life cycle, many things are thought about, such as costs, customers, competitors, profits, and at the actual launch stage we should not expect high sales rates, but the opposite is true, at the next stage sales rise؛ Once the product has reached the growth stage, the product will then grow and start making profits after it has passed the cost cover stage Break Even Point.

Once the product reaches its peak, it continues for a period that may be long or short but ends, without a doubt, to an end; profits collapse, sales decline and so on.

Read also: The purchase decision.. Motives and roles


Product life cycle strategies
Product Life Cycle

Conclusion:

At the end of the day, we can say that a product is born and then thrives and dies, this is its life cycle, which is, in fact, the life cycle of its profits and sales.


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Catching the customer or marketing as a daunting task


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