The Product Lifecycle is a part of the portfolio analysis, in which a firm can analyse the stages in a products life. It is a model used to aid with decision making in a firm, and part of the marketing planning process. The shape and length of the lifecycle varies with the different products, as each one is unique. The different stages are launch, growth, maturity, saturation and decline.
How useful is the Product Lifecycle?. There are several different uses it holds to a firm. Managers use it because it highlights the need for a firm to change its marketing policies at the different stages of a products life. It then aids them in planning out their marketing strategies.
A firm might draw out a Product Lifecycle to identify the stage at which its product is at in the lifecycle, from there they can decide what to do to keep the product alive or to maintain high sales.
The Product Lifecycle can be used as an aid to set budgets within a firm as well. For example, if a firm produces a product lifecycle for a product and identifies the stage it is in, this can set budgets for its marketing/promotion department, its production department and its distribution department. For example if a firm sees that its product is still in the growth stages of the lifecycle, they are going to have to invest a lot of money in its development (...
Need Writing Help?
Get feedback on grammar, clarity, concision and logic instantly.Check your paper »
- Businesses organizations employ enterprise technology to manage value chain by allowing modernizing business processes and improving value chain into their firms. Today, a enterprise technology concept used in organizations, mostly by manufacturers, to manage the value chain would be product lifecycle management(PLM) which represents an all-encompassing vision for managing all data relating to the design, production, to support and ultimate disposal of manufactured goods(Product Lifecycle Management, 2015).... [tags: Management, Process management]
735 words (2.1 pages)
- Develop and describe a technology lifecycle model (including the time and cost of development, the amount of time to recover the cost, and return on investment (profit) based on the development costs and risks) and/or product lifecycle model (including timing, marketing measures, and costs associated with the life of a product) for the new technology or application The Development Lifecycle model really depends on the product being developed. If the product is a new product that started out as an invention or new idea it will take a while longer to get it the product or idea ready to take to market.... [tags: Marketing, Product management]
816 words (2.3 pages)
- CONTEXT IDEO, one of the worlds largest and most successful product development firms often gathered here and talked. David Kelly, the head and founder of IDEO gathered his thoughts with Boyle. Boyle had just led his group at IDEO through the development of 3Com’s palm V handheld computer which designers and managers at both firms already considered a successful product with a very large comercial potential. Athought working on the palm V challenged IDEO’s engineering skills, working with handspring promised to challenge the very manner in which it operated, i.e.... [tags: managing, operational, supporting process]
1723 words (4.9 pages)
- ‘There are more stars than all of the grains of sand on earth.’(Star Facts, 2005:1) Looking up at the sky on a vibrant night, the vision is naturally lit one with millions of vivacious, glistening stars. The tenacity of this essay is to explore the lifecycle of a star, thence, signify its manifestation in the universe. A fundamental part of our universe is stars. Hence, these miniature luminous forms are essentially very immense in magnitude and it is merely due to their substantial distance from Earth that they appear so trivial.... [tags: Astronomy]
1324 words (3.8 pages)
- To really know somebody you have to know where they came from. I am a firm believer that people are a product of their environment. I am from southeast Washington DC. It was rough growing up but it really made me who I am. My mom did everything she could to make the most out of the situation. I must have went to at least four different elementary schools from pre-kindergarten to kindergarten, but my oldest sister had it the worst. She had to ride multiple trains and buses in order to get to her high school.... [tags: High school, College, Academic term, Maryland]
862 words (2.5 pages)
- Question 4: Managing product or service strategy comes from a carefully deliberated balance. This balance challenges many firms, including the firm I work for. Our class discussions and text have been invaluable in my reflection of the work my own firm, an architectural firm in southeastern Massachusetts, and have helped me to identify our weaknesses in marketing of our firm and strategies for improvement. The architecture industry is certainly in a mature stage, as an industry that will always been needed.... [tags: Marketing, Design, Marketing strategy, Firm]
1140 words (3.3 pages)
- During the school age lifecycle of a child, they will go through some of the most dramatic developments and increases including Language fluency, decision making skills, physical coordination and dexterity among other attributes. (pg 746 Pruit, 2011) This lifescyle consists of ages 4-13 years dueing the pre-school and middle school. Even though the growth rate will slow a little but more, they will still grow anywhere between 2 and 4 inches per year at a more steady pace. Because of this macro nutrient needs of fats, protein and carbs will be rewuired as well as adequete micro nutrient needs to to ensure proper nurishemnet as well as avoiding mineral dificient casing problems.... [tags: Nutrition, Obesity, Vitamin, Nutrient]
866 words (2.5 pages)
- SWOT, PEST, Product Lifecycle, Boston Matrix and the Ansoff Matrix: Marketing Models Analysis Marketing strategies/models In this objective I will be analysing the different marketing models and evaluating their reliability. The marketing models I will evaluate will be SWOT and PEST analysis, the product life cycle, the Boston Matrix and the Ansoff Matrix. SWOT and PEST analysis In the previous objective, I analysed SWOT and PEST of Cadbury. These enabled me to gain insight into the external and internal influences that may arise which may either be beneficial or cause problems for the launch of my product.... [tags: Business Management Studies Essays]
3164 words (9 pages)
- The Usefulness of Cloning The term 'cloning' have entered popular vocabulary of many people. The issues on cloning are getting controversial and growing more complicated the word "clone" comes from the Greek "klwn" which means similar. Strictly speaking, a clone refers to one or more offspring derived from a single ancestor, whose genetic composition is identical to that of the parent No sex is involved in the production of clones and cloning is sometimes called asexual reproduction.... [tags: Papers]
965 words (2.8 pages)
- Product Life Cycle A new product progresses through a sequence of changes from introduction to growth, maturity & decline. This sequence is known as the “Product Life-Cycle” & is associated with changes in the marketing situation, thus impacting the marketing strategy & the marketing mix. Introduction Stage In the introduction stage, the firm seeks to build product awareness & develop a market for a product. The impact on the marketing mix is as follows: • Product :- Branding & quality level is established & intellectual property protection such as patents & trademarks are obtained.... [tags: Business Marketing Product]
1514 words (4.3 pages)
- Evaluating An Enthalpy Change That Cannot Be Measured Directly.
- EVALUATING NORTH AMERICAN HEALTH SYSTEMS
- Evaluating Sources on Bulimia Nervosa
- Evaluation Essays- Ruff Ryders And Cash Money Millionaire Concert
- Evaluation of a modified neck snare to live-capture coyotes
- Evaluation Of The Lord Of The Flies