Major Phases Of A Product Life Cycle Stages

This stage entails a business’s product to begin to drop in sales, reduce in publicity and popularity, it begins to lose its appeal and competition becomes stiffer and bigger, therefore fewer units are sold.

The key for the marketer is to determine which stage is the most critical for his/her product.

This stage might be the most unpopular with companies. Sales decline and companies usually don’t spend as much on marketing for products on the decline. Companies usually make decisions to halt production, cut marketing programs and reintroduce the products. Sometimes this works, for example, Lacoste which rebounded and reinvented itself and sometimes it doesn’t, as with Circuit City.

The main purpose of this stage is to persuade customers to buy the product and retain the customers throughout the product life cycle. The growth stage is typically when competition develops. Competition can erode the company 's market share. Marketing efforts in the growth stage tend to focus on product differentiation and expanded distribution (Kerin, Berkowitz, Hartley & Rudelius, 2006).

A life cycle diagram helps businesses analysis their attempt to identify a set of commercial stages in the life of commercial products, for example, introduction, promotion, growth maturity and decline.

Product usage and lifecycle: product usage is high and product life cycle comes in four sections.

In the modern world of technology, many different companies are attempting to secure their own ground in a particular market. Many companies work in many tech fields & some company focus on software, some on mobile phones, others on television but one of the most recognizable names in the technology field is that of Samsung.

3) Explain the product life cycle concept. What are the stages of the product life cycle?

Samsung products range from mobile devices, TV, audio and video, home appliances, cameras, PC and peripherals and print solutions (Samsung 2014). This essay will predominantly look closely at Samsung’s mobile phones market.

By the end of 2012, Samsung electronics become the largest producer of televisions and mobile phone. In order to achieve the success and the dramatic rise in consumer electronics sector, the company initiated new methods to innovate and create high quality products .

Today Samsung has evolved into a group of companies unmatched by others in its range of industries and performance. It is now globally focused and responsive to the needs of each market, and more committed than ever to true innovation. The group’s three core business sectors are electronics, finance and trade and services.

* Maturity Stage-the product is well established and the organization seeks to maintain market share.

A product form has reached this stage when it becomes clear the market is no longer able to sustain itself. Like the Maturity stage, the Decline stage may last a long time especially for products that have been adopted by a large percentage of the market who are not inclined to change how they satisfy their needs (i.e., Laggards). Since the end of the product form is seen as inevitable, there are no sub-stages here.

towards, usage rate, response, loyalty status, and readiness stage to a product. This forms the

4. Development: The development stage is where the company 's creates specifications of the product, the design, and prototypes. It is also in this stage that the company considers manufacturing constraints.