The Stages Of Product Life Cycle Assignment

1. Brief Explanation Of Product Life Cycle For The Purpose Of Assignment

2. Every student who are studying business or going from a marketing course may have heard the term “Product Life Cycle”. What it is basically? Product Life Cycles refers to the time period in which the product is bought in the market, delivered to customers, and get removed from the shelves. Further, this cycle is parted into 4 stages.

3. • Introduction • Growth • Maturity • Decline

4. The concept of the product life cycle is used for the purpose of marketing so that one can realize the appropriate way to improve advertising, decide the time to lower the product cost, or when to redesign the packaging. In this article of a product life cycle, we are trying to assist the student who needs to complete their assignment, Furthermore, you can have marketing assignment help from Essay Help if you need quality essay on the topics related to marketing. Let’s now look at.

5. How the Product Life Cycle Works? Every product has an expiry date, it starts with an idea to make people's life easy. A product are the result of an idea, which are further carved by machines and has to go through R&D to become feasible with human life. Afterward, they are rolled into the market for people to use.

6. Let’s understand the stages of the Product Life Cycle: Introduction:  A product can only be sold if people are needing and they are getting tempted to use it. To create that temptation, advertising and performing marketing campaigns are to be focused on. The introduction phases are completely dedicated to create consumer awareness for the products and showcase them the benefits.

7. Growth: Once the product starts to receive attention, the sales increase, then eventually the brand has to increase the production. In the growth stage, the production capabilities are being increased to maintain a thorough sale. Similarly, as your assignment, the more attractive way you write your content, the better will be the grades. Take marketing assignment help in Australia if you are serious about getting good grades for the subject.

8. Maturity: This is the profitable stage of the product life cycle, your products are getting sold, you are generating profit since the need for marketing has reduced. The production are over, and you have generated good revenues from the sales.

9. Decline: The final stage of the product life cycle is the decline, where the demand for the product declined to the lowest. A product-based market is a competitive world, someone is looking to overcome your product quality, price, and production. If a product faces competition from other companies, then it is in the decline stage, but to revive the product marketer needs to come up with new strategies. They may lower down the prices, or redesign the packaging to lure customers. If all fails then the product has to go off the market, and that is called the decline stage.

10. Conclusion The stage of a product’s life cycle as discussed above depicts how the product comes into the market and how they go out of business. We hope the explanation will help you with your assignment. But in case you need marketing assignment help Australia connect with Essay Help.

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