Product Life Cycle Stages
4 stages in the life cycle:
- When it is released onto the market
- Initial sales will be slow
- Consumers unsure about it’s benefits
- As advertising takes effect sales rise
- Consumers become more confident about benefits
- Competitors introduce their brands
- Sales level off
- Market becomes saturated
- Competitors produce different / improved models
- Major companies monitor the market & have new designs ready to keep their market share
- New technology makes products obsolete
- Consumer Pull contributes to the new generation
- Marketing makes the old product obsolete
Some products have a limited life
Is this due to technological advancements?
Built in obsolescence?
Some disposable products have planned obsolescence for safety reasons
Some products would last longer with better materials
Influence of Fashion
The Influence of Fashion
- Consumer fashions & trends, consumer demand for the latest technology
- Agencies are employed to predict trends
- Fashion is influenced by changes in society
- Manufacturers have to keep up with these forces
Technology Push & Market Pull
- 'Technology push' means technology has been developed and the 'need' must be created.
- 'Market pull' means business has a need for a product and technology develops to fill that need.