Marketing

Product/Distribution assignment: Write a 250-400 word essay on the importance of the introduction stage of the Product Life Cycle. What are the key objectives that the company must attain in this phase?

The Product Life Cycle is the evolution of the sales of new products ideas from the beginning to the end, which means through all the time that the product remains in the market. This cycle is divided into four major stages that are: Market Introduction, Market growth, Market maturity and Sales decline. The life cycle of the product is especially useful as a prediction or prognosis tool, since the products pass through distinct stages that allows us to calculate the location of a particular product in the cycle of life through the use of historical data, such as earnings, sales and the number of competitors, since they tend to follow a predictable path during the cycle of life. This calculation is very necessary due to the fact that the competitive environment and marketing strategies that have to be used ordinarily depend on a particular stage in the life cycle of the product. It is vital that marketers are aware of what is the life cycle of the product, and understand what are the stages that comprise it and what features distinguish each stage, so they can be able to properly use this valuable tool of prediction or prognosis, with which various elements can identify the opportunities and risks that can be shown in different stages since the beginning to the decline. The product life cycle means that companies must be developing new products all the time so they can have better possibilities in the market and they also must try to use marketing mixes that will make their market grow successfully.

...