Product Life Cycle

Topics: Marketing, Management, Project management Pages: 3 (535 words) Published: February 25, 2013
Sakshi Gurnani
Roll No. 17
Marketing Assignment

What is Marketing ?
Marketing is building profitable customer relationships. The aim of marketing is to create value for customers and to capture value in return. The management process through which goods and services move from concept to the customer. Marketing is the way companies interact with consumers to create relationships that are beneficial to both parties. Businesses use marketing to identify their audience before advertising to them. Today, this is most visible through social media interactions and contests.

Definition of Marketing :
Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging value with others. It includes the coordination of four elements called the 4 P's of marketing i.e. product , price, place and promotional activities.

Product Life Cycle :
Product Life cycle is the process through which products pass through several stages of development in its life from introduction to decline.  It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.  Some continue to grow and others rise and fall.  Stages of product life cycle include :

1) Development
2) Introduction
3) Growth
4) Maturity
5) Saturation
6) Decline

*Stages of Product Life Cycle*

Stage 1 - Development
This stage is when the product is in development. Right from when the idea is born until the product is released onto the market. This stage is crucial in getting everything right before the launch and can last years, depending on the product. Eg: Bisleri Packaged Drinking Water

Stage 2 - Introduction
The day has arrived and the product is launched onto the market. The main characteristic of this stage is that figures are small and only grow slightly as the product becomes known and the public decides whether...
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