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Product life cycles’ concept is concerned with the product’s life in the market. This is concerning sales measure and financial cost. These proceeds through many phrases require various skills, processes and tools and include professional disciplines. Product Life Cycles homework help provides a discussion and describes everything from its goals to its characteristics. Below all these are given, in short, to know about all these in detail order our materials from our site.
Product Life Cycle Definition
Before moving forward, one should know what exactly product life cycle is. It is a succession of strategies by the management department of a business organisation as all commodities have a life cycle. It includes selling a product under certain conditions which change from time to time. This should be managed as the item moves from one stage to another inside its life cycle. Get our Product Life Cycles assignment help for more information.
How to Extend Product Life Cycle?
Product life cycle can be extended, through various processes. Few of them are given below in short:
- Appropriate advertising as its main idea is to reach additional number of people and create potential customers
- Expanding and exploring to different new markets. Through market research and product offering to various markets, possibility of having more customers increase
- The price reduction is an attraction which people can’t let go. Most customers get attracted when there is a reduction in price or discounts are offered
- New features add value to an existing product. This will catch attention of a lot of buyers.
- New packaging is pleasing to customers. Useful, attractive or packaging which is eco-friendly influences targeted buyers
- Consumption habit of customers can be changed through various ways like setting up new trends. This will increase the number of buyers
- Promotions are still one of the best ways to extend life cycle. Offering multiple jackpots and other opportunities raises customers’ interests
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Four Main Characteristics of Product Life Cycle
A life cycle of a product can be classified into four main divisions or stages introduction, growth stage, maturity and decline and saturation stage. These stages are what an item goes through after it is produced. It is first introduced to the market; then its sale grows, next comes the maturity where curve effects can be observed and lastly decline where the production and profit go down.
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