A product life cycle is an important concept providing insights towards a productâ€™s competitive dynamics. Among these dynamics include the demand for the chosen product and the feasibility of distributing the same product for a profitable cause. Usually, products would depend if they would be counted along the daily demands of consumers such as food, clothing and shelter. But given the demands of most people of today, this has expanded to new needs that include communication flexibility through the use of mobile phones and flexible access towards ATMâ€™s for sudden need of cash at any time of their convenience.
Today, it is no longer limited to the basic needs of most people. While food, clothing and shelter are still among the top important needs, the manner to be able to determine the amount of these things, especially for food and clothing has been broken down to practically trim and identify the right amount a person would need in his daily life. Vegetables, meat, fish, beef, fruits and water are the bare essentials needed by most people, and to identify what basic product in particular are needed by most people has been the categorical marketing research of most companies to serve to the growing market.
The issue does not however stop here. Before a line of product is chosen, one key aspect is to identify how many players or suppliers already exist in the market. Further, their pricing strategies, promotions and brand recognition practices need to be analyzed properly to consider if a new entrant in the market would be attractive or simply a waste of time. Variants in the categories of food and juices are sure to be plenty, not including the imported players who are being distributed in the market through local trading companies for a wider selection of variants. These are only some of the supposed points for consideration in the market, but rest assured, a lot of studying in the line of the product life cycle and deciding on what category to enter in, still has a lot of work to be done.
Product Life Cycle: Industry Maturity Stages
The Advantages of the Product Life Cycle Concept
Originally posted on November 1, 2006 @ 8:02 am