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Author:
SYED MAHMOOD HASHIMI
6/14/2016
June 14, 2016 PRODUCT LIFE CYCLE 2
Decline Prototype
Maturity Introduction
Growth
Figure 1.1
Which includes the following stages in my own
words:-
1. Idea. Idea and R & D are the same
2. Research and Development. but for full explanation,
3. Pre-Launch or Prototype. I have listed them separately.
Introduction
Decline Growth
Maturity
Figure 1.2
While in the marketing world there are only four points which are as mentioned
below:-
1. Introduction
2. Growth
3. Maturity
4. Decline
The above mentioned 4 points of the product life cycle are generally and widely
known. I have described the product life cycle according to my own concept
which covers the most known 4 points of P.L.C.
1:- Idea
Well the idea is the concept of a product which is based on the need and
demands of the market, without an idea there cannot be a product.
There are different types of ideas; I would like to tell you guys just about some of
them.
IPhone was a new idea, a phone which had a touch-screen, a phone which used
no keypad, which was developed for the easy use of internet and to facilitate the
customers of the market, more clearly a Smartphone.
Steve Jobs the inventor and C.E.O of apple said that he had invented the iPhone
based on the needs of the people not on their wants.
3:- Prototype
The prototype means the model of idea after it has been developed.
Prototypes are used for the testing of the products inside the company and inside
the market before its introduction to assure that weather the products functions
are working properly or not to determine that weather the product is a success or
a failure or to be clear is it a product which is worth to be invested in?
4:- Introduction
Note: - After introducing the product to the market the company starts
advertising the product and invests a lot of money in promoting the product and
its sales by various ways.
5:- Growth
Now what does growth mean?
Growth means the process of increasing, and in P.L.C by growth we mean
increase in the products sales and increase in its profit to the business.
SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 5
June 14, 2016 PRODUCT LIFE CYCLE 2
6:- Maturity
What does Maturity mean here?
Originally the word “Maturity” comes from the word mature which means
someone/something fully developed or fully grown. Maturity means the state or
period of being fully grown and in P.L.C, maturity means the state where growth
becomes mature or the stage where the growth of the product has reached its
peak and cannot grow any further.
7:- Decline
What does decline mean?
Decline means decrease and in P.L.C it means decrease in the products sale and
decrease in its profit to the business.
8:- Withdrawal
What is withdrawal?
Originally the word “Withdrawal” comes from the word withdraw which means
taking away or removing something from a specific place, and in P.L.C it means
the removal of the product from the market, Because of less sales and lots of loss.