Product Life Cycle Essay

What is merchandise ?Marketing is building profitable customer relationships. The aim of marketing is to farm value for customers and to capture value in return. The management process by means of which goods and services move from concept to the customer. Marketing is the way companies interact with consumers to effect relationships that are beneficial to both parties. Businesses use marketing to identify their earreach before advertising to them. Today, this is most visible done social media inter natural processs and contests. explanation of Marketing Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others. It includes the coordination of four elements called the 4 Ps of marketing i.e. rickth , price, place and promotional activities. crop Life bout Product Life cycle is the process through which products pass through several stages of development in its life from induct ion to decline. It describes the stages a product goes through from when it was first thought of until it finally is aloof from the market. Not all products reach this final stage. Some continue to buzz off and others rise and fall. shows of product life cycle include 1) Development2) adit3) Growth4) Maturity5) Saturation6) DeclineP.T.O.*Stages of Product Life Cycle*Stage 1 DevelopmentThis stage is when the product is in development. effective from when the idea is born until the product is released onto the market. This stage is crucial in getting everything right before the launch and can last years, depending on the product. Eg Bisleri box Drinking WaterStage 2 IntroductionThe day has arrived and the product is launched onto the market. The main characteristic of this stage is that figures are small and only grow slightly as the product be injects known and the public decides whether it is actually infallible or indeed whether it is any good.Stage 3 Growth here is where much of the money is made back on the product. The prior 2 stages have been expensive with development and marketing but now plenty begin to buy and the sales forecasts outweigh the costs. Some marketing is infallible as rivals may try to get in on the action in this stage when they see how big the product has become.Stage 4 MaturityStage four is when a product has become customary and is widely accepted by the public despite competition and age. little marketing is required, if any at all and the company focuses on safekeeping its users whilst looking for new opportunities to be their next big product.Stage 5 SaturationA stage in a products life cycle in which everyone who might want the product already has it. If a company is in this stage, then it could indicate that the company is non innovative, or that competitors have been able to provide superior product offerings.Stage 6 DeclineAs time goes on, a product depart eventually become outdated and unneeded by the publi c. This is particularly unbent in the IT sector but also with most other products. Newer versions come out or cheaper alternatives are just as good.