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What are two examples of products that you think are currently in each of the product life-cycle stages? Consider services as well as physical goods. Justify why you chose that product or service for that life-cycle stage. 300 words
As a product (or service) serves its usefulness, the manufacturer marks its progress through cycles. Not all cycles are the same, and not all products stay in a cycle for the same length of time. For example, of the four cycles (introduction, growth, maturity and decline), Coca Cola is still in the Maturity part of the cycle. Collectively these cycles are called the product life cycle and have a great deal to do with how manufacturers allocate their finances toward their products.
This is a simplistic picture of the Product Life Cycle.
Product Life Cycle Diagram
[pic](The Product Life Cycle, n.d.)
Introduction Stage
Electric cars are in the introduction stage. The public is becoming more aware of the possibility of owning an electric car and the impact to the environment. At this stage, there has been a great deal of research and development costs that went into this product. The manufacturers are not selling a lot of them (or at least their predicted quotas), and consequently their earnings are not high. Some products are introduced at a high price which eventually comes down, while other products have their lack of vitality covered by other solid products made by the same company. Not all products are “new”, but may be improvements on other products, such as cell phones. Distribution at this stage is highly selective to markets that the company has researched as being open to the product.
Home care robots are still in the introduction stage, and have been for quite a while. It appears that consumers have not bought into the idea of a robot that continually cleans the carpet, washes the floor and cleans the gutters. But the future will probably hold more for the home cleaning robots.
Growth Stage
As a product becomes better known, sales and profits begin to rise as consumers seek out the product. The manufacturer starts to widen the audience.
In the growth stage, the firm seeks to build brand preference and increase market share. Activia (yogurt) is in its growth stage. This is an example of a product that has been around for a while that is getting a new shot in the arm as clever advertising (with Jamie Lee Curtis) and a U.S. homespun tour is attracting people who have never wanted to talk about their irregularity before.
MP3 players are still in their growth stage. While young people have been utilizing MP3 players in lieu of iPods, the older generations are catching on in a less rapid pace. Technology moved at such a rapid rate that many took their time switching or they may be unwilling to admit that they don’t want to lose all the music on their iPods and won’t admit that they don’t know how to download it to the MP3.
Maturity Stage
At maturity, the strong growth in sales diminishes. The market may be glutted with competition and cheaper similar products. Manufacturers are in a defensive position while they try to maximize their profits. IPods are in their maturity stage, even though they have been enhanced with larger storage, lovely colors and reduced sizes. The iPod is definitely maturing and beginning its slow descent to the backs of drawers.
Kellogg’s Frosted Flakes is in its maturity stage (and has been for quite a while). It has fended off the cheap knock off cereals, lived with the same iconic Tony the Tiger and generally just skimmed along at the top of its game. It may stay there for a while longer.
Decline Stage
As sales decline, choices need to be made by the manufacturing companies. They can continue at the same production levels and perhaps rejuvenate the product with new features. They may start reducing the price and continue to offer it to a select clientele, or they may discontinue production, sell the remaining inventory or sell the product to another company.
Combination tape and radio players are in decline. Some have been attached to CD players, and some have been discontinued altogether except on . Certain toys are in the declining cycle, although that market tends to be fickle and reintroduces some toys (Rubrik’s cube, Buzz Lightyear and Woody and so on). Perhaps they have been sitting in someone’s garage all this time, and let’s hope that said person has made a killing on the revival of hula hoops. Another couple of products that are certainly in their decline are personal checks and business cards. I mention business cards because I get promotions nearly every day (in my trash) for $1.99 for 500 business cards. Not a lot of people use these items due to the ease of computer technology. You can put phone books in that stack as well. They are still being produced, carried to homes, placed on a shelf to gather dust and eventually thrown into the landfill. But, they are really not used any longer.
The Product Life Cycle (n.d.). Retrieved March 2012 from
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