A marketing concept I learned through the course that has lots of practical applications in the business world is the product life cycle. The product life cycle theory states that products go through four stages of development. The four stages of the product life cycle are birth, growth, maturity, and decline (Quickmba)…
The second stage of product life cycle is growth. During the growth stage the product gains market acceptance and firms start generating good revenues. The profitability of the company improves during this stage. Since production increases the cost per unit decreases. The sales numbers increase as advertising campaigns target mass media audience instead of specialized marketplaces (Answers). The third stage of the product life cycle is the maturity stage. The maturing stage is a period in which the sales of product slow down because the most potential buyers already purchased the product. Competition increases during this stage and profits tend to go down. The final stage of the product life cycle is the declining stage. During the declining stage products are phased out as new products with greater utility come into the marketplace. During this stage sales plummet as profits erode. Price wars are common during this stage as competing companies want to capture the remaining market share of the marketplace. A product that recently went through a declining stage was cathode ray television sets. These types of televisions have become obsolete as flat screen LCD television sets have gone down in prices tremendously. The use of the product life cycle has helped me as a customer and it has impacted my work life. ...
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