We are now at the end of the PLC unit. Answer the questions below to demonstrate your understanding of this key concept;
How does the Product Life Cycle explain how products are developed and sold? What decisions does a business make when a product is in different stages of the life cycle?
1. The product life cycle explains how products are developed and sold because it goes through the cycle of which a product must pass through that shows how it will be in infancy, growth, maturity and decline over time.
ReplyDelete2. A business has to make the following decisions in different stages of the life cycle:
Infancy:
- Product is new
- Not a lot of people know about it
- Company must charge a lot of $ to begin making profit.
Growth:
-More people get to know of the product by advertisements and word of mouth.
-Product sales are high, price of product is lowered
-Competition enters the market
-High Advertisements
Maturity:
-Sales have leveled off
-Product is at peak of popularity
-Very high advertisements
-Company will soon be faced with a decision
Decline:
-Product sales fluctuate
-Product isn't popular anymore
-Company has to make a decision:
Innovate or Abandon the project
-Prices rises again because low sales
Decision Point
Company decides to innovate or abandon project
The product lifecycle explains how products are developed and sold because it tells you what product no one knows about yet,maturity means that people already know about the product but they don't really buy it anymore, decline is a product that is getting less popular
ReplyDeleteThe business makes the decision if the company wants to sell or innovate more
In the product life cycle it explains how products are developed and sold by debating what stage in the life cycle the product is at and what it needs to do to stay in the right stage. For example, if it is in infancy the products are developed with low consumer awareness and not very well because people are just starting to create the product and it will not have great sales. It will be sold without advertisement at a low price. Depending on what stage the product is in the decisions will be different but the decisions will be easier to make because the business will no what to do to keep if from declining.
ReplyDeleteThe PLC shows how products are developed and sold by allowing us to look at the success and popularity of the product. it shows how much money the product is actually making, and how long it takes, or how long it is in the market. the different curves show and tell a story about each product. The business makes the decision on whether to innovate or discontinue the product.
ReplyDeleteThe PLC explains what happens to products in their 'lifetime'. Each section of the PLC (Infancy, Growth, Maturity and Decline) gives you an idea of how a product can be sold. A product in the Growth stage will have alot of sales and you know this because of the PLC.
ReplyDeleteDecisions need to be made during the PLC, like how to inform consumers that a new product is on the market, how to advertise when the product stops growing in sales, and what to do when it stops being popular; innovate, or abandon? When these decisions are made, the product can move into another stage, go through the cycle again, or even become obsolete.
every product is involved in the PLC one way or another whether the product is new and has low consumer awareness but the product is very original or the product is in growth everyone is buying it sales are high and profit is higher. or whether the product is well within its life span and is evening out when it comes to sales advertisement is key to keep sales steady. or the product is in decline with sales dropping and cosumers forgetting the products earlier value.
ReplyDeleteInfancy- the product is new and has very little consumer awareness. They need to find a way to make the product known.
ReplyDeleteGrowth- the product has high consumer awareness, and competition enters the market. Their product is being sold through word of mouth.
Maturity- popularity of the product has peeked, and they need to lower prices. This is when they need to start advertising.
Decline- popularity had died down, and the makers need to decide whether to innovate or completely stop making the product.
the product life cycle shows us how products are developed and sold by showing us how they are introduced into the market and the sales are low until it gains popularity in the growth stage and gains popularity. it later starts to lose popularity and sales start to level off. they then choose to innovate the product in a attempt to gain popularity and sales. if they do not innovate the product will lose popularity and lose sales. the decision point is when a company has to choose whether or not to continue making the product or abandon it
ReplyDeleteThe product life cycle explains how a product is developed and sold because during infancy, it shows how sales are low and the product is just entering the market. Then it shows growth and how a product gets popular very fast and sales are extremely high. Then it shows how a product gets less sales and evens out because of fierce competition. Finally the product becomes less popular and gets a decline in sales until it hits the decision point where they must either innovate the product or abandon it.
ReplyDeleteBusinesses must make many different decisions during the different stages of the PLC.
INFANCY:
-will this product be popular, will it sell
-how much does the product cost to make
-how much should the product cost
-who is the product targeted to, age groups
GROWTH:
-should we advertise
-should we innovate
MATURITY:
-should we advertise
-should we innovate
DECLINE:
-should we innovate or abandon the product
The product life cycle explains how products are developed and sold by showing how many sales the product has over time. The product goes through 4 stages; infancy, growth, maturity and decline. When products are in different stages it affects the price, advertising, consumer awareness of the product and the cost of manufacturing the product. For example when a product is in growth the consumer awareness is increasing, the price is going down and the advertising for the product is much higher.
ReplyDelete1. The PLC explains the differences from one stage of the cycle to the other. From when it is first made to when it is finally killed off in is part of the product life cycle. All products go through this product
ReplyDelete2. Infancy
- low consumer awareness
- low sales
-new product
Growth
-high consumer awareness
- high sales
-advertisements
- competition enters the market
Maturity
- a lot of people know about the product
- they advertise more
-innovations starts
Decline-
-sales drop off
-people stop wanting the product
- must decide whether to innovate or kill off the product
the PLC explains how products are devoloped and sold because when seeing the PLC you can clearly see the devopment in each stage. Selling you can see in each stage, infancy low sales, growth is reallly high sales (popularity) and maturity ( sales leveling out) and decline ( sales going down).
ReplyDeletethe desisions a business has to make in each stage is in infancy, you would have to decide if the product is needed, how you would manufacture it, what target audience you would target, and in growth you would decide to expand your business, where your proudct weould be sold, maybe new packaging, getting into advertising to keep your product from hitting the maturity level. in maturity you would really advertise and innovate to prevent your product from going into decline, you would change the colour, make limited editions of you product, keep on innovating to really not get your product into decline. In decline, you would really decide if you want to innovate or abandon your product.
This is from Julia Sturk I forgot my log in thing LOL
ReplyDeleteThe product life cycle explains how products are developed and sold because it describes each stage a product must go through during its life cycle. The first stage catergorizes the time at which the product is first invented. Sales are very low and manufacturing costs are high. Not a lot of people know about said product so advertising must be done. As popularity and sales grow, the product enters the growth stage. At this point, competition is introduced. In order to remain in the mind of consumers, businesses must take crucial steps to compete. It is normally done with extensive advertising and price lowering. Sales continue to rise and manufacturing costs decrease as the producers become more familiar with the product and make less mistakes. After sales have leveled off and the product is widely known, it is considered to be in maturity. Competition is intense in this time period so advertising is at it's highest. When sales begin dropping, it is classified as being in decline. Most people already have the product, therefore there are no new bursts of sales. From here, the business may decide to innovate their product. Adding new colors or a new model is normally a sure fire way to create a new spike in sales. If the business thinks it is a lost cause, the product will then be abondoned.
The Product Life Cycle explains how products are developed and sold because in each stage it gives you information on how its sold and developed, it also lets the business know when to make certain decisions.
ReplyDeleteInfancy is when the product is being sold and has very low consumer awareness, business is just trying to sell the product. Growth is where the product is selling more and may be getting developed depending on the competition in the market, business should be deciding to advertise more .Maturity is where sales are steady and continue being sold like they were, the product is being advertised more to keep steady sales. They may be thinking of developing the company or product at this point. In decline the product being sold is decreasing in sales and isn't being developed. Than in the Decision making point, it is where they either decide to abandon the product or develop it and advertise more on the product so sales increase, the business needs to make the decision.
The product life cycle explains how products are developed and sold by putting a product in a category that best suits how the product is doing in the market according to sales and time.For example if a product has very low sales and no advertising they would be under Infancy.The decisions that a business make when its product is in a different stage are:who the product is going to be for, where the product will be sold,how many stores will the product be in,if the product should be innovated,where the product will be manufactured and if it should be the end for their product.
ReplyDeleteThe product life cycle shows how successful or unsuccessful a product is. when a business first releases a product, they need to find a way to get people to knw about it, or to find a way to make profit, which may mean raising prices while starting. a business needs to do something big to the product or advertise in order to make it grow,which then the product will eventually mature.every product eventually goes into decline which means they then need to innovate.
ReplyDeleteThe product life cycle is a method used to determine how popular a product is based upon sales. Depending upon where a product is in the lifecycle, it will affect how the product is developed and sold. There are four stages to the product's lifespan: infancy, growth, maturiy and decline.
ReplyDelete1. Infacny: This phase of the product lifecycle is when the product is first invented and introduced into the market. During infancy, the company needs to make important decisions such as what to name the company and product, how much to sell the product for (depends upon sales and operating costs in order to make a profit), where to sell the product, where to manufactor, the traget market and so on. Infancy shows that because the product is new, there is little consumer awareness and little sales. The company has already developed the product into the first model so at this point they will not develop, and it will be sold in limited places.
2. Growth: Suddenly, there is greater consumer awareness as more people talk about the product. This leads to a rapid increase in sales. At this point, the company will need to consider manufacotring/ prodiving more of the product to keep up with demand, as well as signing licensing deals so it can be sold in more locations. Expansion is important, and advertising comes into play as competition now eneters the market, so the company needs a competitve edge.
3. Maturity: Popularity has peaked as most people have the product. Competition is fierce and sales will become stable. The company will spend lotsof money on advertising to remind people of the product. This stage is usually where development/ inovation takes place, as the company wants the product to continue to sell rapidly to make the largest profit possible.
4. Decline: The last stage is decline. Here, the popularity of the product is decreasing, meaning sales are decreasing. The company will usually stop advertising as they do not want to waste money on a product that is not selling. Here, the company reaches the decisions point and must decide whether to revive the product by innovating or to abandon the company,
In conclusion, the product lifecycle is not only used as a time line to represent sales/ popularity and the age of the product, but it also shows desicions the company must make. Development of the product (innovation) must occur to either maintain high sales or be ahead of the competition (to ensure the product will not be obsolete), and advertising becomes important to ensure popularity is maintained. Each stage leads to different desicions being made.
1. The product lifecycle explains how products are developed and sold by using the time so how long it has been on the market and how many sales it has in that time. It explains how they are delveloped and sold by how it is going through the lifecycle, if it is spiking in areas and decreasing in others.
ReplyDelete2. A business has to make lots of decisions for what they want to do to their product throughout the lifecycle. They often do this by asking themselve questions like how can we make this product better? and how it can appeal to other groups of people? In finfancy they have to decide if they are making enough sales to keep the company ofr should they drop the company and if they should advertise it. In the growth stage they should think about the price if they should drop it or increase it and how their sales are and they have to think about the same in maturity and if they shopuld advertise. And in decline they have to decide to innovate of drop the product
a newly developed product is in infancy with little consumer awareness with high production costs and high prices. growth is when the sales go up drastically, advertising starts and competition enters the market. maturity is when the sales level off and there is much competition and there must be a high advertising to keep sales up. then decline comes which is when the sales drop and the company must innovate or abandon the produ
ReplyDeleteThe PLC explains how products are developed and sold because if the product is being made or if it is brand new, it is an infancy product. The product would be in growth if the sales are going up, and more people know about the product. The product would be in maturity because the popularity has peaked and the sales wont be getting any higher. The product would be in decline when the product popularity is going down and no one is buying it. The sales have dropped.
ReplyDeleteThe decisions a business makes when the product is in the different stages of the life cycle is that they make innovations of the product to make it better. The business adds a new feature, or changes the colour of the product. They also do other things to make the product better so more people will buy it, and it wont be in maturity or decline anymore. They can also make a choice to drop the product too.
The PLC explains this by showing the different stages in which a product goes through. When a product is in infancy, some decisions are first off what product they should made, and who their target market will be. When a product is in growth, some decisions that need to be made are whether or not to lower their prices, as well as if they should innovate their product since this is when competition enters the market. When a product is in maturity, some decisions that need to be made are whether to innovate the product to keep the sales from dropping and to bring them up. When a product is in decline, some decisions that need to be made are whether to innovate the product to save it or to abandon it completely.
ReplyDeletethe plc shows use how product are sold be showing use what happens in each stage of its life.
ReplyDeleteinfancy high cost in growth compation enters the market. in stage 3 they run a lot of adds. in decline they have to innovat.
The product life cycle explains how products are developed and sold by separating the product into different stages while it is in the market.
ReplyDeleteInfancy- in this stage the business has to decide what the price is going to be and how many products they will make.
Growth- this stage the business will have to lower the price because of competition and they would also have to advertise.
Maturity- the business's sales peaked so they have to advertise more to attempt to get more sales.
Decline- in this stage the business has to innovate or abandon the product.