Topic: The product life-cycle’s bell-shaped curve is generally depicted as being divided into four stages. Using a named product or service example briefly, name and describe how you as the marketing officer responsible expect to manage these stages to ensure the product’s success.
The company seeks to provide low-cost rental to home ownership within a gated housing facility to single, working female heads of households in Trinidad and Tobago. The data collected during market research activities suggested that many female single-parents have had difficulty finding housing accommodation that caters to their specific needs for security, budget compatibility and ease of travel to and from work and other engagements. The service-product will allow for female single-parents to enjoy secured living quarters with the anticipation of future home ownership as well as to live within reasonable proximity to amenities - schools, shopping centres and transit hubs. Ioannis Komninos describes the product life cycle as ‘the period from the product’s launch into the market until its final withdrawal’. This period is usually divided into four (4) stages – introduction, growth, maturity and decline. Significant changes occur during the life cycle with respect to product behavior in the market that impact the returns to and profitability of the firm that introduced it. The Introduction Stage begins when the new product is placed on the market. At this stage people are unaware of the product, sales are slow and profits are low. In the Growth Stage the market accepts the product; initial customers are satisfied and sales increase rapidly. During the Maturity Stage there are many competitors in the market and sale growth begins to decline. Sales begin decline and profitability drops during the Decline Stage as a result of new technologies, change in customers’ preferences and additional competition.
Objectives My task is to manage the four stages
References: Komninos, Ioannis Product Life Cycle Management, Urban and Regional Innovation Research Unit Faculty of Engineering Aristotle University of Thessaloniki 2002 Oct. 8. 2012 http://www.urenio.org/tools/en/Product_Life_Cycle_Management.pdf Course Material, Unit 4 pp. 145-151 Info Entrepreneurs, Price Your Product or Service Oct. 13, 2012 http://www.infoentrepreneurs.org/en/guides/price-your-product-or-service/ Tanner Jr., John F. Raymond, Mary Ann Principles of Marketing, v.1.0 Oct. 13, 2012 http://catalog.flatworldknowledge.com/bookhub/reader/2030?e=fwk-133234-ch07_s02