Lifecycle of a product
( * indicates important points)
What is product?
A product is a set of tangible and intangible attributes including back aging, colors prize, and manufacture. Retails and services which the buyer may accept as affirming stratified wants at needs.
Classification of product (or) goods
1. Consumer goods
2. Industrial goods
Consumer goods:
There are three types of consumer goods
Convenience goods
Shopping goods
Specialty goods
Convenience goods
Goods which are purchases by the consumer frequently immediately and the minimum shopping effort are called Convenience goods. e.g. News paper
Shopping goods
Goods which are purchased by the consumer after marketing comparison certain such as suitability, quality, prize and style are called as shopping goods. E.g. Furniture, reads made corners.
Specialty goods
Goods were which signification number of buyers are willing to make a special purchasing effort are know as specialties goods there should features or have a high degree of product identification or life cycle.
Life Cycle of any product
* Introduction
* Growth
* Maturity
* Saturation
* Decline
Some possibilities are given in each stage of life cycle.
Introduction
* The new product is first stage
* Profit are negative or low
* Sales are very low
* Preposition spending is relatively high
* The Company might one of the several marketing for introduction new product
* Average market is low
* Cost of market is high
Growth
* Pproduct gives satisfaction to the first buyers.
* Sales increase
* The product start produced the profit
* New competitors will enter into the market
* In this growth stage the form use several marketing in product features and models
* In this growth stage spending a look of money on product improvement production, distribution
* New buyer appeared
Maturity
* In this stage the product in the marketing
* The sakes are goods and sales of the product increase
* Competition is increase and profit also increases
* Competitors appeared with product in large
* Competitors appeared with product in large number
* Additional expenses are involved in product modification and improvement
Saturation
* Sales are further increases is not possible
* The demand for the product is stable
* The raise and full of sales depend upon supply and demand
* In this stage a replaced of product is needed
Decline
* Sales start declining, buyers go for other product
* The product can not stand in the market
* Many forms with draw the product from the market when sales and profit or declines
* Price becomes a competitive
* In this stage from sheet their advanced to other product.
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