Identify where each of the following products likely lie on a traditional Product Life Cycle. Justify each of your answers with the most current data and research you find on the Internet (e.g. sales, product development, competition, consumer feedback, etc.) e) Soda (Coca Cola, Pepsi, Fanta, etc.)
Identify where each of the following products likely lie on a traditional Product Life Cycle. Justify each of your answers with the most current data and research you find on the Internet (e.g. sales, product development, competition, consumer feedback, etc.)
e) Soda (Coca Cola, Pepsi, Fanta, etc.)
Product Life cycle refers to the concept in which a product goes through each and every stage of its life since it is introduced in the market. Product life cycle is the overall life of a product namely; introduction, growth, maturity and declining stage a products goes through and different aspects related to the each stage.
The product life cycle concept is used by the marketing managers to designing and implement strategies related to each stage of the product so as to maintain the competitive edge of the organization in the market. The concept of product life cycle helps in decision making, cost cutting, marketing, harvesting or investing and also with the promotion and expansion.
Following are some of the advantages of using Product Life Cycle -
1. Reduced time to market
2. Reduced market entry costs
3. More efficient and profitable distribution channels
4. Higher return on investment from promotional campaigns
5. Extend the lifetime of your product by adapting your approach as it moves through the lifecycle
6. Orderly and profitable end of life product management
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