Product Life Cycle with Examples of Different Products

Product Life Cycle with Examples of Different Products Free Online Research Papers It is a generally accepted statement that 90% of the products we use today did not exist in their current form five years ago. Similarly, 90% of the products we will be using five years from now do not currently exist. Whether this statement is entirely accurate or not, we can all identify products that have changed from their original form and/or content. And, with todays rapid changes in technology, almost every product will undergo some sort of modification during its lifetime. This idea is demonstrated by the Product Life Cycle concept, which shows the path a typical new product takes from its inception to its discontinuation. To be precise, it describes the stages a product goes through from its introduction, through its growth until it is mature and then finally its decline. Moreover, it’s associated with changes in the marketing situation, thus impacting the marketing strategy the marketing mix as well. Knowledge of the product’s life cycle can provide valuable insights into ways the product can be managed to enhance sales and profitability. Marketing activities are heavily dependent on the stage in the product life cycle. Products do not last forever. A typical cycle for a product is as follows: First a product will be developed. The prototype will be tested market research carried out before it is launched onto the market. There will be no sales at this time. * In the introduction stage the product is launched in the market. The firm will create product awareness develop a market for the product. No profits are made at this time as development costs have not yet been covered. Iris-based personal identity cards are in the introduction stage of the product life cycle. IIt may take some products a substantial amount of time to catch on in the market before they enter their growth phases. These products have been referred to as high learning products. These products often are complex to understand or use, may be extremely expensive, may not be easy to sample before committing to purchase, or may not be compatible with existing social values. The result is that the product’s rate of acceptance in the market is slowed. The impact on the marketing mix is as follows: a) Product- branding quality level is established, and intellectual property protection such as patents trademarks are obtained (if it’s a new product). b) Price- Price skimming may be used if the product is a new development there are no competitors. Or pricing may be low penetration pricing to build market share rapidly. c) Promotion- Informative advertising is used until the product becomes known. Promotion is aimed at innovators early adopters. d) Place- Limited product availability in few outlets/locations. * In the growth stage sales start to grow rapidly. Profits start to be made as more and more customers buy the product. But competitors see the opportunity and enter the market. Some just copy the most successful product, or try to improve it to compete better. Others try to refine their offerings to do a better job of appealing to some target markets. The new entries result in much product variety. The Internet, more specifically the World Wide Web component of the Internet, is probably in the growth phase of its life cycle. The advantages of the Internet have resulted in its very rapid acceptance in consumer and business markets. Furthermore, iPod (portable digital music player) is also in the growth stage of its life cycle. The impact on the marketing mix is as follows: a) Product- product quality is maintained additional features support services may be added. b) Price- is reduced a little as new competitors have entered. c) Promotion- advertising is focused on building brand. Advertising is changed to persuasive advertising to encourage brand loyalty. d) Place- distribution channels are added as demand increases customers accept the product. * In the Maturity stage competition gets tougher as aggressive competitors have entered the race for profits. Industry profits continue to go down during maturity because promotion costs rise and competitors continue to cut prices to attract more business. During the maturity phase, less efficient firms cant compete with the increasing pressure on prices and drop out of the market. The maturity phase of the life cycle is the longest phase for most products. Sales grow at a decreasing rate and then stabilise. Price wars and intense competition occur. At this point the market reaches saturation. Producers begin to leave the market due to poor margins. Refrigerators illustrate a product that has hovered at maturity for decades. Moreover, refrigerators will continue to remain in the mature stage of the PLC until a new technology emerges that fills the same need. The impact on the marketing mix is as follows: a) Product- features may be enhanced to differentiate the product from that of competitors. b) Price- competitive pricing or promotional pricing is used there are a lot of price wars. c) Place- distribution becomes more intensive incentives may be offered to encourage preference over competing products. d) Promotion- emphasizes product differentiation. A lot of persuasive advertising is done. Many different approaches are used as appropriate to the product. Sales promotion tools like premiums, discounts, coupons, cash rebates, free goods, specialty advertising, and demonstrations are used. * In the Decline stage, new products replace the old. Price competition from dying products becomes more vigorous, but firms with strong brands may make profits until the end because they successfully differentiated their products. They may also keep some sales by appealing to the most loyal customers or those who are slow to try new ideas. Costs, because competition is still intense, continue to rise. Profits, as expected, continue to erode during this stage with little hope of recovery. Typewriters are in the decline stage of the product life cycle. As sales decline, the firm has several options: a) Maintain the product- possibly rejuvenating it by adding new features finding new uses. b) Harvest the product- reduce costs continue to offer it, probably to a loyal niche segment. c) Discontinue the product- liquidating remaining inventory or selling to another firm that is willing to continue the product. When the product reaches the end of maturity stage (i.e. the saturation stage) of its product life cycle, the firm may stop sales starting to fall by adopting extension strategies. These are ways that sales may be given a boost. Some possible ways businesses might extend the life cycle of their product are as follows: 1) Introduce new variations of the original product, e.g. a children’s version 2) Use a new advertising campaign 3) Sell into new markets, e.g. export the product to another country 4) Introduce a new, improved version of the product 5) Sell through additional, different retail outlets 6) Modify the augmented product. Services can be added where none existed before adding free set-up and delivery are good examples. In reality very few products follow such a prescriptive cycle. The length of each stage varies enormously. The decisions of marketers can change the stage, for example from maturity to decline by price-cutting. Not all products go through each stage. Some go from introduction to decline. It is not easy to tell which stage the product is in. Remember that PLC is like all other tools. Use it to inform your gut feeling. Strengths – The product life cycle is considered as both straightforward and powerful model. By using the model as guidance, effective and timely marketing will take the product through each stage and can be planned in advance. The product life cycle can also be use to alert the marketer, when the product is in the stages of growth and maturity, to integrate extension strategies during this period to maintain the high profit level. Weaknesses – It is hard to tell which stage the product is in, as there are constant short-term fluctuations due to external factors, consequently marketing actions could be taken too early or too late. By failing recognize the stage of product in the product life cycle model; it can cause business failure for especially a small business. In conclusion, it is fair to say that the model can only be used to help identify the symptoms of each stage. Each product will spend different lengths of time in each stage and there is no physical way of showing this on the product life cycle model. However, the better your financial control, the more you will be able to track individual product. Research Papers on Product Life Cycle with Examples of Different ProductsMarketing of Lifeboy Soap A Unilever ProductRiordan Manufacturing Production PlanBionic Assembly System: A New Concept of SelfOpen Architechture a white paperDefinition of Export QuotasAnalysis of Ebay Expanding into AsiaPETSTEL analysis of IndiaThe Project Managment Office SystemIncorporating Risk and Uncertainty Factor in CapitalAnalysis Of A Cosmetics Advertisement

Book report on The Hobbit

Book report on The Hobbit This book revolves around Bilbo Baggins, who makes goes on an adventure. He is a hobbit and therefore this book’s title is The Hobbit. Themes 1. Bilbo’s development in a hero by doing a quest. 2. The greed of the dwarves who make such a long journey for their treasure and Smaug who doesn’t share anything. 3. Power, used by Gandalf and other creatures in this story. Bilbo’s inner power that develops during the story. Description of characters Bilbo He’s the hero of the story. But at first he has this quiet non-adventurous life at The Hill. He likes to stay at home. Then Gandalf comes up and convinces him to go on an adventure. Because of this adventure he sees how much strength he’s got inside of him. When he comes back to his home he turns into a more eccentric person, though he still likes comfort. Thorin He’s the leader of the dwarves. He’s very brave and intelligent. He’s proud too and he wants his family’s tre asure back and he’s willing to do everything for it. He has a great desire for it. Sometimes he’s a bit stubborn. Gandalf He’s a wise and old wizard. Gandalf is on the good side. He knows a lot and especially about magic, he has great powers that no other person has. When people need him, he shows up immediately. He’s that person that knows more than any other people, he knows how things will be, how people will react. Smaug The evil dragon that took the treasure of Thorin’s family and now guards it in the Lonely Mountain, this is his only purpose. He can speak, and he tends to do this in a very bitter tone. With his flaming breath he can destroy cities. He’s got a hide which is impenetrable. There’s nothing good about him, therefore no-one cares about him. Summary Once there lived a hobbit, called Bilbo Baggins. Hobbits are small creatures, half the size of a man. He likes comfort and he’s not very into adventures. But then Ga ndalf the wizard shows up at his house and he wants him to go on an adventure, Bilbo doesn’t want to go. Though he asks him for tea the next day. But the next day, one after another, thirteen dwarves – their leader is Thorin – come to his house. Bilbo provides food and drinks for them and then Gandalf shows up with a map with a secret door on it. Bilbo is convinced and so this party goes on an adventure. They want to capture Thorin’s treasure, taken away by Smaug the dragon. They leave and then suddenly three trolls capture Bilbo and the dwarves, Gandalf stays out their hands. He makes them stay outside so they turn into stone. They find weapons which they take. After that they rest at the place of lord Elrond in Rivendell where they get some advice on the map. They go to the Misty Mountains and then a snow storm makes hem go into the caves where they get prisoned by some goblins. Gandalf saves the dwarves but he forgets to take Bilbo out of there. Bilbo finds a golden ring, which he takes with him. Suddenly he meets Gollum, a creature that lives there. Gollum wants to eat Bilbo and makes him solve some riddles. If he wins he can go, if he loses Gollum can eat him. Bilbo wins but Gollum still wants to eat him and searches for the ring, Bilbo has got it though and uses it to get away from the cave. He gets back to the group and then they are being pursued by the goblins and Wargs, creatures that look like wolves. Luckily Beorn and some eagles bring them to a safer place, Beorn’s house. Then the group enters Mirkwood’s forest. Gandalf has something more important to do at this moment and leaves them. In the wood spiders capture the dwarves in their webs. Bilbo saves them by killing some spiders with his sword and magical ring. Then they are captured by wood elves. Bilbo again saves the dwarves, he hides them in wine barrels using his ring. The barrels go to Lake Town, a town near the Lonely Mountain where Smaug protects Thorin’s treasure. With help of people in Lake Town they go to the Mountain. By looking on the map with the hidden door they manage to go into the Mountain carefully and Bilbo talks to the dragon. Smaug reveals by accidence that he’s got a weak spot near his heart. Bilbo steals a golden cup and Smaug gets very angry. The dragon wants to destroy Lake Town, but the archer Bard kills him by shooting an arrow in his heart. However, the town was burned to the ground. Its residents go to the Lonely Mountain to get their hands on a piece of the treasure. Thorin doesn’t want to share his treasure so the humans and elves trap Bilbo and the dwarves inside. Bilbo gets out of the mountain, because he wants to find solution for bringing peace. Thorin wants revenge on Bilbo, but Gandalf manages to save him just in time. Then an army of Goblins and Wargs comes to the Mountain. The elves, humans and dwarves have to make an alliance to fight the enemy. It seems like the goblins are winning but then Beorn and the eagles come to help the good army. After this battle Bilbo and Gandalf go back to The Hill, where Bilbo lives. Bilbo gets a fraction of the treasure. Many hobbits don’t accept him anymore, since hobbits were respectable and unadventurous creatures. Though he gets lots of respect of elves, dwarves and men now. Bilbo changed, he likes talking to elves and wizards now, though he still likes his home, because he likes the comfort of it.

5 friends ad Essay Example | Topics and Well Written Essays - 1250 words

5 friends ad - Essay Example This article analyses how the producers of this advert use the ethos, logos, and pathos appeals in marketing their product. In addition, the article analyses the use of appeals such as the need for guidance, the need aesthetic sensations, and the need to feel safe in appealing to the emotions of the voters on the need to vote for their political leaders. Advertisers use ethos, which is the appeal to authority to convince the audience to use their product or service. Essentially, what appeal to authority does is that it relies on the credibility of the person presenting the message in the advert. Therefore, when advertisers make use of ethos in an advert, they are sure to incorporate influential personalities who are bound to convince the audience. The 5 friends advert is a star-studded affair which includes almost all American celebrities urging people to vote (5 Friends, 2014). According to Fowles, approximately 15% of every advertisement makes use of celebrities, particularly from the fields of entertainment or sports (87). The 5 friends advert features A-list celebrities such as Leonardo Di Caprio, Jamie Fox, Sarah Silverman, and Jonah Hill, among many others (5 Friends, 2014). Considering that the primary target for audience for his advert is the young generation, the presence of all these celebrities is a guarantee that many youths are bound to watch it. According to Fowles, producers are usually use celebrities in commercials in order to appeal to the need for aesthetic sensations which keep the audience interested in the advert (85). Accordingly, although the celebrities in the 5 friends advert are not experts in terms of politics, they influence most decisions made by young people. Since most young people look to these celebrities as heroes and role models, a product being advertised by them would most definitely sell. The use of

Unearthing the Mystery of the Gifted with Learning Disabilities Essay

Unearthing the Mystery of the Gifted with Learning Disabilities - Essay Example This essay stresses that children may be given the intervention that is appropriate for his or her learning disability. Learning strategy instruction appears to hold great educational potential because strategy training emphasizes helping students learn how to learn and how to use strategies found to be effective in promoting successful performance of academic, social, or job-related tasks. Students need these skills not only to cope with immediate academic demands but also to address similar tasks in different settings under different conditions throughout life. They are resources for an individual to use, especially when faced with new learning situations. This paper makes a conclusion that the previous and ongoing research on the gifted with learning disabilities have a long way to go in terms of truly helping the students concerned. While intellectual giants are locking horns in identifying those deserving to fall under this criteria, time is running out and the students concerned are left to languish in regular school systems without the appropriate interventions to meet their specific needs. It is more important to focus on helping even those suspected to be G/LD to learn to both nurture their gifts and cope with their weaknesses to survive their condition. It is not to be forgotten that such individuals are not only made up of cognitive functions. Their emotional, psychological and physical well-being likewise needs attention.

The Transformation of a King Essay -- Literary Analysis

Debatable is the story of Prince Hal and how he undergoes a transformation so infinite we may have difficulty comprehending the struggles he endured. Throughout the course of events in Henry IV, Part I, By William Shakespeare, first impressions of the characters are depicted and remain strong during most of the play. From the beginning of the play it is understood that Hal is an immature extrovert who sees no need for careful behaviors. Unlike his father, King Henry IV, Hal puts forth insufficient effort to prove he can hold the power that will eventually be his when he succeeds his father in the throne. Throughout the play there is controversy between the King and Hal as a direct result of Hal’s performance as a Prince. From gallivanting in the tavern, to fighting in the battle of Shrewsbury, Hal becomes the son that King Henry has been pressuring him to be all along. The father/son relationship is a significant theme in this play, alongside Prince Hal’s other relationships with important male figures such as Hotspur and Falstaff. Falstaff is one of the favorites of this play, rather obvious that he is the brunt of a multitude of jokes; somehow maintains certain poise. On the other hand, we have Hotspur, a talented and brave young man the King wishes were his son: â€Å"That some night-tripping fairy had exchanged/ In cradle-clothes our children where they lay/ And called mine â€Å"Percy,† his â€Å"Plantagenet†!/ Then would I have his Harry, and he mine† (1.1.86-89). Both Hotspur and Hal are the intended future leaders of their country, but Hal doesn’t seem to understand his role in its entirety (at least his actions haven’t proven his maturity to the likes of King Henry IV). The King would prefer Hal act in a more appropriate manner when... ...ove to his father that he has what it takes to be the next king, but in the end his father couldn’t be more pleased with Hal’s performance. Works Cited Kastan, David Scott. Introduction. King Henry IV, Part I. London: Arden, 2002. 44-51. Print. Kastan, David Scott. "The King Hath Many Marching in His Coat." 1 Henry IV. By William Shakespeare. Ed. Gordon McMullan. 3rd ed. New York: Norton, 2003. 330-346. Print. Khan, Coppelia. â€Å"Masculine Identifies.† 1 Henry IV. By William Shakespeare. Ed. Gordon McMullan. 3rd ed. New York: Norton, 2003. 330-346. Print. Reno, Raymond H. â€Å"Hotspur: The Integration of Character and Theme.† Henry the Fourth, Part I, by William Shakespeare. Ed. James L. Sanderson. 2nd ed. New York: Norton, 1969. 235-244. Print. Shakespeare, William. 1 Henry IV. Ed. Gordon McMullan. 3rd ed. New York: Norton, 2003. Print.

Charities Oxfam Essay

Charities Oxfam A Charity is a foundation created to promote the public good. It doesn’t keep profit, but to expand. It relies on money given from the public voluntarily, it is a non-profit organisation. A charity is all about fundraising and giving to causes, it is a type of business because it does make profit, which is given to charitable causes. Many companies/people set up charities because they may want to promote and encourage a cause that may need money. The people behind the organisation may only set up the charity, investing it towards its continuity but not to gain profit. Different stakeholders who can influence the purpose of Oxfam. The people who donate to the charity Oxfam are major stakeholders as Oxfam would not be able to be a successful charity without the donations as they are the key to the money that is raised. Donators are major stakeholders as they’re also the largest investors to charities like Oxfam and influence it greatly. Without this suppor t network; work would be limited, goods would not be sold from Oxfam shops and business would be lost. Employees are stakeholders within the company as the business provides them with a livelihood or, if the organisation is a non-profit organisation, then this provides a sense of generosity for those who work for free. They seek security of employment, promotion, opportunities and good rates of reward. shareholders  it is not easy to balancenthe needs of stakeholders in order to best achieve this balnce shell recognises five areas of resposiblities to shareholsers, customers, employers and society. Shell resolves and minimises conflicts between its activities and its stake holders trough its clear strategies and commitment to corporate values. through balancing social, economic and evironmental considerations shell seeks to make decisions that maximise values.

Laundry Shop- Business plan - 6416 Words

Executive Summary In todays society, there are increasing numbers of Sydney-siders who spend many hours a day at work, or have children and families to look after, or both. Shiners Laundry Service will target everyone - the young, the families and the elderly. We recognise the importance of conserving a persons most valuable asset - time - whilst providing quality services and products that will meet the needs and wants of our customers. There are many groups of individuals in the Sydney Central Business District; a concentration of high disposable income families who can afford to pay for Restoration and Dry Cleaning, a number of small families who have limited income, and need maximum return on every dollar they spend, those who have†¦show more content†¦They will be the target market for our Restoration and Dry Cleaning services. There is a bus service that stops about twenty metres down the road from the location of the business, which means that it will be a one minute walk. The site is also conveniently located near Central Railway station, making it convenient for customers to access the shop. 2.5 Legal Structure of the BusinessShiners Laundromat will be owned and operated by a sole trader. By operating as a sole trader, there are many advantages as compared with operating in a partnership or company form. These include: simple set up and operation, effective control can be retained, minimal reporting requirements, income tax rate for the business is the same as your personal tax rate which allows for the tax advantage of tax losses being offset against any other income the owner might have (for example, negative gearing), for capital gains purposes, the owner obtains the full benefit of indexation and also doesnt have to pay payroll tax. 2.6 Mission StatementTo provide the most thorough, convenient services and the latest, quality products to customers that will maximise satisfaction by easing the tediousness of a mundane weekly family chore, however, at the same time, ensuring that our ecological responsibility to the environment is not comprised. 2.7 Services of the BusinessShiners Laundromat is a one-stop shop for all things laundry and dry-cleaning. A list ofShow MoreRelatedCase Study Business Laundry Shop2674 Words   |  11 PagesSummary: A. 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