What is the product life cycle introduction?

Once a product has been developed, it begins the introduction stage of the PLC. In this stage, the product is released into the market for the first time. The release of a product is often a high-stakes time in the product’s life cycle, although it does not necessarily make or break the product’s eventual success.

Why is product life cycle important essay?

The product life cycle is important in ensuring that a firm maintains its competitive edge in the market (Niemann 2009). The product life cycle is also an important principle that manufacturers need to comprehend to make profits and survive in the business. Each stage is strategically important to an organization.

What is product life cycle easy definition?

A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market. A product’s life cycle is usually broken down into four stages; introduction, growth, maturity, and decline.

Why is introduction stage important?

Importance of Introduction Stage The introduction stage is the prime stage for the promotion and creating awareness about the product and informing the consumers about the perceived benefits. This initial stage is also important as once an image is set into the mind of the consumer it is difficult to break it.

What is the importance of the product life cycle?

The product life-cycle is an important tool for marketers, management and designers alike. It specifies four individual stages of a product’s life and offers guidance for developing strategies to make the best use of those stages and promote the overall success of the product in the marketplace.

What is the importance of product life cycle?

What are the benefits of a product life cycle?

Sound product lifecycle management has many benefits, such as getting the product to market faster, putting a higher quality product on the market, improving product safety, increasing sales opportunities, and reducing errors and waste.

What is product life cycle explain with diagram?

The product life cycle concept indicates that the product is born or introduced, grows, attains maturity and the point of saturation in that market and then sooner or later it is bound to enter its declining stage e.g., decay in its sales (history).

What is the marketing objective for the introduction stage of the product life cycle?

The marketing objective in the introduction stage is to create consumer awareness and stimulate trial. The goal is to initiate the initial purchase of the product by consumers.

How do you promote a product in the introduction stage?

Marketing strategies used in the introduction stages include:

1. rapid skimming – launching the product at a high price and high promotional level.
2. slow skimming – launching the product at a high price and low promotional level.
3. rapid penetration – launching the product at a low price with significant promotion.

Why is product lifecycle management important?

“Good PLM capabilities are essential to accelerate the maturity growth in product development projects. This improves product design and cuts lead time and cost. A key capability is to build and apply virtual testing to get an optimal balance between physical and virtual testing.