The product life cycle is the progression of a product from its introduction to the market to its removal from the market. Understanding the product life cycle is important for businesses because it can help them plan for and make strategic decisions about the product at each stage of its life. There are several factors that can affect the product life cycle, including market factors, technological factors, and internal factors.
Market factors refer to external factors that can impact the demand for a product. These can include economic conditions, consumer preferences, and competition. Economic conditions, such as a recession, can decrease demand for a product, while a strong economy can increase demand. Consumer preferences can also affect the demand for a product. For example, if a new trend emerges and consumers begin to prefer a different type of product, the demand for the original product may decrease. Competition is another important market factor that can affect the product life cycle. If a new product enters the market that is similar to the original product, it can decrease the demand for the original product.
Technological factors refer to changes in technology that can impact the demand for a product. These can include the development of new technologies that make the original product obsolete or the improvement of existing technologies that make the original product less appealing. For example, the introduction of digital cameras led to a decrease in demand for film cameras.
Internal factors refer to factors within the company that can affect the product life cycle. These can include the company's marketing strategies, production capabilities, and financial resources. Marketing strategies can impact the demand for a product by increasing or decreasing awareness of the product. Production capabilities can also affect the product life cycle by impacting the availability of the product. If a company is unable to meet the demand for a product, it can decrease the demand for the product. Financial resources can also impact the product life cycle by determining the company's ability to invest in the product and keep it competitive.
In conclusion, there are several factors that can affect the product life cycle, including market factors, technological factors, and internal factors. Understanding these factors is important for businesses as they can help them make strategic decisions about their products and plan for each stage of the product life cycle.
Product Life Cycle: 4 Stages, Importance
Longest stage in a product life cycle. Rate of market acceptance. In this regard, we also tested the two following hypotheses: H4: More competitors lead to fewer incremental peak sales and reach peak sales sooner. Masoud A, Noori Hekmat S, Dehnavieh R, Haj-Akbari N, Poursheikhali A, Abdi Z. As mentioned earlier, the product life cycle is separated into four different stages, namely introduction, growth, maturity and in some cases decline.
What are the factors affecting product life cycle?
Using a generalized linear model combined with a machine learning approach, we identified the sales patterns and the effect of the product-related and the competition-related factors on the PLC curves, peak height, and the time to reach peak sales. Methods: To study the PLC of antibiotics, data were collected from 2002 to 2017, and then the PLC curves were analyzed. Data Mining with SPSS Modeler. Step 3: Testing The Concept. During this stage, sales growth has started to slow down, and the product has already reached widespread acceptance in the market, in relative terms. Proc Int Conf Ind Eng Oper Manag. Product life cycle diagram is the graphical representation of four stages of a product life namely: Introduction, Growth, Maturity and Decline phase.
Product Life Cycle PowerPoint Templates
The seven stages of the New Product Development process include — idea generation, idea screening, concept development, and testing, building a market strategy, product development, market testing, and market commercialization. The four life cycle stages are: Introduction, Growth, Maturity and Decline. Factors Affecting PLC 1. What are the factors critical in the success of a new product? If you want to share information related to the life cycle diagram, then you can go ahead with these product life cycle templates. Youssar S, Berrado A. . Objectives and Policy of Company: Company frames its product mix to achieve its objective.
Product Life childhealthpolicy.vumc.org [zpnxo17v2ynv]
Results: According to the findings, 16, 11. Introduction Stage Marketing Implication Type of product being introduced imitative improvement innovative brand new Objective for introduction replacement competitive bolstering competitive pecking market expansion or segmentation12 Introduction Stage Overhead cost appointment. It is helpful in sales forecasting. Using a generalized linear model combined with a machine learning approach, we identified the sales patterns and the effect of the product-related and the competition-related factors on the PLC curves, peak height, and the time to reach peak sales. Not all products need to go through all stages, some fall at the initial stage, and others may reach at maturity stage after a long time.
