The Dynamics of Process-Product Life Cycle

 

The term product life cycle refers to the length of time a product is introduced to consumers into the market until it's removed from the shelves.

The life cycle of a product is broken into four stages—introduction, growth, maturity, and decline. 

•Introduction: This phase generally includes a substantial investment in advertising and a marketing campaign focused on making consumers aware of the product and its benefits.

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•Growth: If the product is successful, it then moves to the growth stage. This is characterized by growing demand, an increase in production, and expansion in its availability.

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•Maturity: This is the most profitable stage, while the costs of producing and marketing decline.

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•Decline: A product takes on increased competition as other companies emulate its success—sometimes with enhancements or lower prices. The product may lose market share and begin its decline.

 

Entrance-Exit Strategies:-

•Strategy A:- 1)Innovative

                        2)Flexible

•Strategy B:- 1)Starts flexible

                        2) Shifts to standardized and  high volume

•Strategy C:- 1)Efficient

                        2)Standardized

                        3)High volume

•Strategy D:- Enter late and leave early mistake.