ASSIGNMENT PRODUCT LIFE CYCLE
Each product will have a life cycle. Using examples, illustrate each stage in the Product Life Cycle outlining the possible challenges and strategies which may be employed to sustain the sales and profitability of the product.
What is a Product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy the customer wants or needs. A product is more than just a tangible goods, it is a service (haircuts, home repairs etc) or idea. However, in marketing product is not just looked at as something that is tangible, but it allow for communicating with the targeted audience on matters such as packaging, branding, highlighting the product tangible benefits, the massaging of the customer's ego as to why they should have a particular product. Product can be viewed at three levels, such as Core Product - it addresses what the buyer is really buying, the Actual Product – which features characteristic such as quality, brand, design etc., and the Augmented Product - it is the additional consumer services and benefits that are built around the core and actual product, which includes things as the after sale service, installation, warranty etc.
A Product can also be divided in two main classification based on the types of consumer that used them. These classifications are Consumer Products – which are bought by final consumers for personal, and Industrial products – which are those purchased for further processing or for use in the production of other goods and services. For example, flour that is used as an ingredient in the making of pastry like bun, bread etc.
The Product Life Cycle
The Product Life Cycle (PLC) is a useful tool employed by marketers to know and determining at what stage a product is in its life. Most Product Life-Cycle curves are portrayed as bell-shaped (See figure below).
The product life cycle has four (4) very clearly defined stages, each with its own characteristics that
What is a Product?
A product is anything that can be offered to a market for attention, acquisition, use, or consumption and that might satisfy the customer wants or needs. A product is more than just a tangible goods, it is a service (haircuts, home repairs etc) or idea. However, in marketing product is not just looked at as something that is tangible, but it allow for communicating with the targeted audience on matters such as packaging, branding, highlighting the product tangible benefits, the massaging of the customer's ego as to why they should have a particular product. Product can be viewed at three levels, such as Core Product - it addresses what the buyer is really buying, the Actual Product – which features characteristic such as quality, brand, design etc., and the Augmented Product - it is the additional consumer services and benefits that are built around the core and actual product, which includes things as the after sale service, installation, warranty etc.
A Product can also be divided in two main classification based on the types of consumer that used them. These classifications are Consumer Products – which are bought by final consumers for personal, and Industrial products – which are those purchased for further processing or for use in the production of other goods and services. For example, flour that is used as an ingredient in the making of pastry like bun, bread etc.
The Product Life Cycle
The Product Life Cycle (PLC) is a useful tool employed by marketers to know and determining at what stage a product is in its life. Most Product Life-Cycle curves are portrayed as bell-shaped (See figure below).
The product life cycle has four (4) very clearly defined stages, each with its own characteristics that