RELEVANCE OF PRODUCT life CYCLE IN marketing organization
RELEVANCE OF PRODUCT LIFE CYCLE IN MARKETING ORGANIZATION
The relevance of product life cycle in marketing cannot be overstated. The product failure rate in marketing is alarmingly high. Half of all new goods fail, and the single most important element is introducing the product at the incorrect moment. When a potentially successful product is released at a period of market saturation, it is bound.
This project will provide readers with opportunity to gain an in-depth understanding of the product life cycle in marketing. In doing this research, relevant literature on the product life cycle idea was compiled.
The secondary method of data collecting involves the use of an instrument. After carefully analysing the results of the information and data collecting, which included the incorrect implementation of the concept,
the disregard of the life cycle of competitor products, and the early withdrawal of products from the market. Based on these issues, it was recommended to increase product management and marketing training.
1.1 Background of the Study
The product life cycle has been described in a variety of ways, including “a critical element in planning,” “concept has little validity,” and “the concept has done more harm than good.”
However, it will be demonstrated that the dichotomy is more pronounced than real. It should be noted that different authors have evaluated the product life cycle in different ways, each measuring its influence and flaw in all stages that a product goes through until extinction.
Product sales position and profitability are projected to alter over time. The product life cycle is an attempt to identify various stages in the product's sales history, each of which represents a separate opportunity and profit potential. Companies can improve their marketing strategies by recognising the stage at which a product is currently or will be.
1.2 Aims and Objectives of the Study
The product cycle will be analysed as a theory, with its primary applications and problems taken into consideration.
This study sought to identify the applications of the product life cycle, how it affects a company's product, its shortcomings, and to make recommendations on how to implement the product life cycle idea so that its benefits could not be counted.
That aims to introduce marketers to the notion of product and life cycle, as well as the stages involved, such as the introduction stage, growth stage, maturity stage, and decline stage.
1.3 Statement of Research Problem
The relevance of product life cycle cannot be overstated in product management; however, some marketers and marketing managers fail to recognise its value in marketing management.
Marketing management is accomplished through the use of the product life cycle. A marketing manager can use the product life cycle to identify various stages in a certain product's sales history.
By identifying the stage at which a specific product can benefit from stronger marketing plans, a knowledgeable manager must be able to foresee the product's life cycle.
It is living with the confidence that a product will continue to remain in high demand, even if a new product is produced to compete with the old one.
1.4 Significance of the Study
Many products have been launched into the market by various companies, but the question is how many of these products prosper.
Some products suffer a pie match death, while others may fail to generate a sufficient profit. This could be attributable in large part to applying another principle incorrectly by launching the product at the wrong moment. It is a given that a simple product can keep its market position indefinitely; thus, the product life cycle is critical.
Marketing managers must carefully examine the life cycle of the product for which they are responsible. Good forecasting must be used to determine the probable expansion of the market in which they are operating in order to gain entry to the third and fourth stages of their product's life cycle.
Introducing a product into an entirely new market differs significantly from competing with established brands.
A study of the life cycle of these competitive brands is crucial, but it is not required in emerging markets where rivalry is weak or non-existent. The release of his product must coincide with the competitor's second and most healthy stage of growth, and he must venture into a market with still favourable profit margins.
As a result, studying the product life cycle is insufficient; marketing managers must also study how the notion will be used. It also aims to highlight the idea that some items do not require an introductory stage when a product should be introduced into the market, as well as ensuring that the product lingers or for a period of time in the growth stage when profit is high.
1.5 SCOPE OF THE STUDY.
This study is limited to investigating the impact of the product cycle on product management in a corporation. The business environment is rarely, if ever, constant, and the ability to adapt to external changes is critical for commercial firms.
New items are constantly introduced into the market, thus no corporation can be pleased with the performance of a single product without releasing new ones. The purpose of this research is to determine how to best use product life cycle knowledge to maximise benefits.
To address the demand for this research, timely and relevant data will be acquired and obtained from both internal and external sources within the institution.
The data will primarily be source for secondary sores such as textbooks, journals, newspapers, magazines, unpublished lecture notes, website visitation (internal) and contributions made on academic grounds, companies' annual reports, past projects, and valuable literature publishing.