Product Life Cycle

Product Life Cycle
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The product life cycle is a vital tool for the management in the decision making process, typically there are numerous stages throughout the sales history of products and services. In essence, products and services go through introduction, growth, maturity and decline, with each stage having with a different challenge or opportunity (Kahn, 2001). Firms formulate marketing strategies that are appropriate to different stages.
In the introduction stage, products and services have not been fully accepted in the market whereby the marketing costs are high while profits are almost nonexistent. The introduction of new technological gadgets including apple’s Ipad. Electric cars are in the introduction stage as they are not widely popular in spite of more calls for environmental conservation.
Sales begin to increase in the growth stage as promotion activities facilitate brand recognition among likely consumers. At the same time there are other competing products which bring down costs as reflected in the prices (Kahn, 2001). To enhance growth there is a need to improve on quality and broaden appeal to other niche markets. For example various versions of ...