Question

name a product or service that you believe fits into each one of the 4 product life cycle stages i.e. you will have 4 examples, 1 for each stage. Describe why your product or service example fits into its stage

Answer 1

Ques- The item life cycle is the procedure an item experiences from when it is first brought into the market until it decays or is expelled from the market. The existence cycle has four phases - presentation, development, development and decay. While a few items may remain in a drawn out development express, all items in the long run eliminate of the market because of a few variables including immersion, expanded rivalry, diminished interest and dropping deals. Also, organizations use PLC examination (inspecting their item's life cycle) to make systems to continue their item's life span or change it to fulfill with showcase need or creating advancements.

4 Stages of the Product Life Cycle:

For the most part, there are four phases to the item life cycle, from the item's advancement to its decrease in esteem and inevitable retirement from the market.

1. Introduction: Once an item has been created, the main stage is its presentation stage. In this stage, the item is being discharged into the market. At the point when another item is discharged, it is frequently a high-stakes time in the item's life cycle - in spite of the fact that it doesn't really represent the deciding moment the item's possible achievement.

During the presentation stage, showcasing and advancement are at a high - and the organization regularly puts the most in advancing the item and getting it under the control of purchasers. This is maybe best exhibited in Apple's popular dispatch introductions, which feature the new highlights of their recently (or destined to be discharged) items.

It is in this phase the organization is first ready to get a feeling of how purchasers react to the item, in the event that they like it and how effective it might be. In any case, it is likewise regularly a substantial spending period for the organization with no assurance that the item will pay for itself through deals.

Expenses are commonly high and there is ordinarily little rivalry. The guideline objectives of the acquaintance stage are with construct interest for the item and get it under the control of buyers, planning to later capitalize on its developing ubiquity.

Example: AI Products: While AI (man-made consciousness) has been being developed (and application) for a considerable length of time, it is consistently pushing limits and growing new items that are in the presentation phase of the PLC. In the midst of many new items, even AI-injected sex robots or independent vehicles are particularly in a formative (or early on) stage in the market, as their items are as yet being tried and received in the market by purchasers.

2. Growth: By the development stage, purchasers are as of now taking to the item and progressively getting it. The item idea is demonstrated and is getting progressively well known - and deals are expanding.

Different organizations become mindful of the item and its space in the market, which is starting to draw consideration and progressively pull in income. On the off chance that opposition for the item is particularly high, the organization may even now vigorously put resources into publicizing and advancement of the item to destroy contenders. Because of the item developing, the market itself will in general grow. The item in the development stage is normally changed to improve capacities and highlights. As the market grows, more rivalry frequently drives costs down to make the particular items serious. Be that as it may, deals are normally expanding in volume and producing income. Advertising in this stage is planned for expanding the item's piece of the pie.

Example: Electric Vehicles: The ascent of electric vehicles shows even more a development phase of the item life cycle. Organizations like Tesla have been profiting by the developing item for a considerable length of time, albeit late difficulties may flag changes for the specific organization.

All things considered, while the electric vehicle isn't really new, the developments that organizations like Tesla have made as of late are reliably adjusting to new changes in the electric vehicle showcase, flagging its development stage.

3. Maturity: When an item arrives at development, its business will in general moderate or even stop - flagging a to a great extent soaked market. Now, deals can even begin to drop. Valuing at this stage can will in general get serious, flagging edge contracting as costs start falling because of the heaviness of outside weights like rivalry or lower request. Promoting now is focused at fighting off rivalry, and organizations will regularly grow new or adjusted items to arrive at various market sections. Given the profoundly immersed advertise, it is regularly in the development phase of an item that less effective contenders are pushed out of rivalry - frequently called the "shake-out point."

In this stage, immersion is reached and deals volume is pushed to the limit. Organizations regularly start advancing to keep up or increment their piece of the overall industry, changing or building up their item to meet with new socioeconomics or creating advancements. The development stage may keep going quite a while or a brief timeframe relying upon the item.

Example: Typewriter: A great case of the extent of the item life cycle is the typewriter. At the point when previously presented in the late nineteenth century, typewriters developed in notoriety as an innovation that improved the simplicity and proficiency of composing. Be that as it may, new electronic innovation like PCs, PCs and even cell phones have immediately supplanted typewriters - making their incomes and request drop off. Surpassed by any semblance of organizations like Microsof typewriters could be considered at the very last part of their decay stage - with negligible (if existent) deals and radically diminished interest. Presently, the cutting edge world solely utilizes personal computers, PCs or cell phones to type - which thusly are encountering a development period of the item life cycle.

4. Decline: Although organizations will for the most part endeavor to keep the item alive in the development stage to the extent that this would be possible, decrease for each item is unavoidable. In the decay stage, item deals drop essentially and customer conduct changes as there is less interest for the item. The organization's item loses increasingly more piece of the overall industry, and rivalry will in general reason deals to disintegrate. Promoting in the decay stage is frequently insignificant or focused at effectively faithful clients, and costs are diminished. In the end, the item will be resigned out of the market except if it can upgrade itself to stay applicable or sought after. For instance, items like typewriters, messages and rifles are somewhere down in their decay stages (and in certainty are nearly or totally resigned from the market).

Example: VCR: Many of us presumably grew up watching or utilizing VCRs, however you would almost certainly be unable to discover one in anybody's home nowadays. With the ascent of gushing administrations like Netflix and Amazon (also the interval period of DVDs), VCRs have been adequately eliminated and are somewhere down in their decrease stage. When pivotal innovation, VCRs are currently in low interest (assuming any) and are definitely not getting the business they once did.