Product Life Cycle Essay

What is market ?Marketing is build profit open customer relationships. The aim of selling is to create rank for customers and to capture value in return. The management treat by which goods and services move from concept to the customer. Marketing is the way companies interact with consumers to create relationships that ar beneficial to both parties. Businesses use selling to identify their audience in the first place advertize to them. Today, this is most visible by means of kind media interactions and contests.Definition of Marketing Marketing is a social and managerial process by which individuals and groups obtain what they need and indispensableness through creating and exchanging value with otherwises. It includes the coordination of four elements called the 4 Ps of selling i.e. merchandise , price, discover and promotional activities.Product Life rhythm method Product Life cycle is the process through which yields pass through several(prenominal) salutes of development in its bread and butter from foundation garment to decline. It describes the stages a product goes through from when it was initiatory thought of until it finally is removed from the market. not all products reach this final stage. round continue to grow and others rise and fall. percentage points of product life cycle include 1) festering2) Introduction3) harvest4) Maturity5) volume6) DeclineP.T.O.* salutes of Product Life calendar method*Stage 1 DevelopmentThis stage is when the product is in development. Right from when the inclination is born until the product is released onto the market. This stage is all important(p) in getting everything right before the launch and can last years, depending on the product. Eg Bisleri Packaged Drinking WaterStage 2 IntroductionThe 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 close to as the product becomes known and the h umanity decides whether it is actually needed or thus whether it is every good.Stage 3 GrowthHere is where much of the money is do back on the product. The prior both stages have been expensive with development and marketing but now people acquire to buy and the sales forecasts outweigh the costs. nigh marketing is required as rivals may try to get in on the action in this stage when they adopt how big the product has become.Stage 4 MaturityStage four is when a product has become popular and is wide accepted by the public patronage competition and age. Less marketing is required, if any at all and the companionship focuses on keeping its users whilst looking for new opportunities to be their next big product.Stage 5 SaturationA stage in a products life cycle in which everyone who might want the product already has it. If a companion is in this stage, then it could indicate that the company is not innovative, or that competitors have been able to provide superior product offerings.Stage 6 DeclineAs magazine goes on, a product will at long last become outdated and unneeded by the public. This is particularly true in the IT arena but also with most other products. Newer versions come out or cheaper alternatives are just as good.