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6/28/2020 Originality Report

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SafeAssign Originality Report Summer 2020 - Marketing Management (BADM-53… • Activity 8

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6/28/2020 Originality Report

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Running head: PRODUCT LIFE CYCLE 1

PRODUCT LIFE CYCLE 4

Product Life Cycle

Saikrishna Pechara

University of the Cumberlands

Product Life Cycle

As a product enters the market, it carries a life cycle, from the very moment, it is new and useful to dominance in the market and eventually re- tirement. A product life cycle is mostly broken down into four phases: introduction, growth, maturity, and, lastly, decline. In most cases, marketing professionals use these factors to decide upon marketing strategies. Whether to reduce prices, redesign, repackage, increase adver- tising, or expand to newer markets. According to Sraders (2019), even though some products may have a prolonged stay in the maturity phase, they all eventually decline and removed from the market. It may because of market saturation, decreased demand, dropping sales, or in- creased competition. Once a product is researched and developed, it starts from the first stage, the introduction. Here, the product is new and is released to the market, having high stakes with little competition, high costs, and greater demand based on the product promotion. Today, self-driving cars can be considered to be in this phase. They are still being tested and adopted, with developers hoping to introduce them to the markets worldwide. Experts in artificial intelligence have high hopes that driverless cars will be a significant step to market revolution. The second phase of a product life cycle is growth. Products at this stage are already in the market, and consumers are increasingly buy- ing them. The product is gradually becoming popular as well as increasing sales. At this stage, marketers focus on increasing the product's market share, volume sales, and generating more profits. A product at this phase is an electric car. Companies like Tesla have been capitalizing on this product over the years. Even though there have been critical challenges all along, electric car market is growing gradually, signaling an upward trend in market. The third phase of a product life cycle is the maturity stage. At this point, a product has reached peak penetra- tion. In most cases, companies always focus on redesigns, constant upgrades, and promotions to keep the product top. Also, the competition is very fierce, and the product starts to a slowdown in growth. One of the products that have reached maturity is Facebook. Some time back, it was like a norm for someone to have a Facebook account, however, that growth stage has passed. Nevertheless, there is no new tech- nology that can emerge any time soon to threaten its existence. While competing with other social media platforms like Twitter and Google plus, Facebook is still holding on firmly

The last stage of a product life cycle is decline. At the decline stage or phase of the life cycle, the product is eclipsed by newer products. The sales drop significantly, having lesser demands due to changing consumer behaviors. Marketing strategies here are very minimal or target only loyal customers at reduced prices. One such product is the Personal Computer (PC). The market for Personal Computers has become more saturated, and the product has gone into decline. Even so, PCs are still being used in different parts of the world today, despite their de- clined popularity. It will be appropriate for companies to harvest the product, reduce its costs, and continue to sell it to low-income regions where access to portable devices such as laptops and tablets are much more expensive. The product can also target offices and organizations that are considered the loyal niche segment of personal computers.

References

Sraders, A. (2019). What Is the Product Life Cycle? Stages and Examples. Retrieved 23 June 2020, from https://www.thestreet.com/markets/commodities/product-life-cycle-14882534

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PRODUCT LIFE CYCLE 1 PRODUCT LIFE CYCLE 4

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PRODUCT LIFE CYCLE 1 PRODUCT LIFE CYCLE 4

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Product Life Cycle

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Product Life Cycle

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University of the Cumberlands

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University of the Cumberlands,

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Product Life Cycle

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Product Life Cycle

6/28/2020 Originality Report

https://ucumberlands.blackboard.com/webapps/mdb-sa-BB5a31b16bb2c48/originalityReport/ultra?attemptId=69619d21-f3da-4af8-9719-e4c3e787e518&course… 3/4

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introduction, growth, maturity, and, lastly, decline.

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introduction, growth, maturity and decline

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It may because of market satura- tion, decreased demand, dropping sales, or increased competition.

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saturation, increased competition, decreased demand and dropping sales (Sraders, 2019)

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The second phase of a product life cycle is growth.

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Growth phase is the second stage in a product’s life-cycle

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Products at this stage are already in the market, and consumers are increasingly buying them.

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By this stage, consumers have al- ready started purchasing the prod- uct and are increasingly buying them

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The third phase of a product life cy- cle is the maturity stage.

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The third phase of the product life cycle is the maturity stage

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Some time back, it was like a norm for someone to have a Facebook account, however, that growth stage has passed.

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Once it became the norm for every- one to have a Facebook account, the growth stage passed

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While competing with other social media platforms like Twitter and Google plus, Facebook is still hold- ing on firmly

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While Facebook competes with oth- er social media sites like Google+ and Twitter, it appears to be hold- ing its own

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The last stage of a product life cycle is decline.

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The decline is the last stage of the product life cycle

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One such product is the Personal Computer (PC).

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The Personal Computer (PC)

6/28/2020 Originality Report

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What Is the Product Life Cycle?

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What Is The Product Life Cycle

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Stages and Examples. Retrieved 23 June 2020, from https://www.thestreet.com/mar- kets/commodities/product-life-cy- cle-14882534

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Stages and Examples Retrieved June 25, 2020, from https://www.thestreet.com/mar- kets/commodities/product-life-cy- cle-14882534