The Product Life Cycle is a cycle in which every product goes through at different rates over a period of time. I believe that this theory is still relevant today as it helps the business to make key decisions based on where each product is on the stages of the life cycle.
The concept of the product life cycle has been around for a long time. Most businesses still use the concept today as a valuable tool in identifying what stage each of their products are at as it informs them on when they need to support their product more at certain stages. If a product is staying in the Launch stage for too long, there is an obvious underlying problem with the promotion or public awareness of the product which needs to be rectified efficiently so that the business can start to recoup their investment in the product
[...] The iPod Classic is the latest version of the original iPod. It has also undergone several face lifts since its launch and is now finally in decline. Figure 1.2 The iPod Product Life Cycle [pic] Conclusion In conclusion, the success of Apple's products, especially the iPod, has been down to excellent marketing of the product. The product life cycle is a key element in the success Apple as it's such a useful and important tool that is used throughout the time that the product is in production. [...]
[...] The product life cycle A. Review of the Theory The Product Life Cycle is a cycle in which every product goes through at different rates over a period of time. I believe that this theory is still relevant today as it helps the business to make key decisions based on where each product is on the stages of the life cycle. Below is a diagram (made by myself) of the Product Life Cycle showing the five key stages: Figure 1.1 The Product Life Cycle [pic] Stage 1: Launch The newly developed product is launched into the marketplace with low initial sales as the product begins to take off. [...]
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