What is Product life cycle?
Product life cycle was found by the Raymond Vernon. Raymond Vernon gave his theory to understand the international trade market of the product. The product life cycle is an economic theory. It was developed as a replacement of Heckscher-Ohlin theory. Raymond Vernon has introduced three categories of the product to define the product life cycle.
- Standardized products
- New products
- Maturing products
There are five stages of each kind of product. Product life cycle is a marketing theory which defines the cycle of the product. It deals with the origin of the product to the end of the product in the market. This cycle can be considered as analyses of the product. It can be define with the help of economic concepts of marketing.
It is defined in the economics that utility of the product is increases initially and reach on the top point that point is considered as a maximum utility of the product after achieving the max utility, the utility of the product start decreasing.
This is the whole concept of the economics run behind the life cycle of the product. Change in utilities of the product affects the prices of the product in the market. Initially sell of the product increases and after achieving the maxi utility product has replaced by the other product in the market. The life cycle of the product can be defined as the five stages of the product in the market.
First stage is Introduction which describes that product has analyzed and researched for the launch in the market.
Second stage is Growth which defined that the sell of the product is increasing with increasing rate of sell.
Third stage is maturity which defined that the product has met with it highest demand. The sell is increasing with downfall in the growth rate. It is also called the saturation point of the product sell.
Fourth stage is saturation, here competitive products of the goods start sharing the profits and there is no change seen in the sell of the product. Sell of the become static it neither decrease nor increase.
Fifth stage is decline it talks about the last stage of the product. It defines that after achieving the highest demand point the products sell start declining.
To prevent the product from the declining a producer uses the marketing tool to maintain the product sell constant in the market. Marketing sector of the producer suggest some changes in the product. Other action regarding the changes in the product considered as the new packing, lower price, adding new flavor and more. They search new market for the product to enhance the product sell. Marketing companies suggest some new advertises for the product.
This cycle studies the whole concept behind the product establishment in the market. It is a whole economic and market study of the product. Concept of marketing and economics are necessary tool to understand the life cycle of the product. Product life cycle is a graphical and mathematical representation of the market position of the product.
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This concept of the product life cycle needs expertise to teach you. It is a complicated concept for the students who are not good in economics. It is a very important and essential topic to learn in both of the subject economics and product marketing. To understand this topic we need to studied various graphs based on the economics and marketing. There is also need to focus on the various tools of economics and marketing to understand the topic. Its theory consists various terms of economic such as marginal rate, average rate, and total utility of the product. These terms have different formulas and definition to understand.
As we understand the concepts related to this theory are written in complicated languages. It is hard for the student to choose right books from the market. It is difficult for those working student who hardly get time to devote for the studies. Bad source of learning results them poorly and they get the poor grades in the assignment. It is essential for the student to get guidance on the product life cycle assignment.
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