Wednesday, May 30, Product Life Cycle:
Products like men are mortal. It flourishes for a time, then decline and die. A product is born, grows bustilyattains a dynamic maturity, then enters its declining years. The product thus, has life cycles just has human beings. A product passes through various stages, until it is finally abolished.
These stages are taken together are referred to as the product life cycle. This life cycle of the product comprises four stages: Product development is the incubation stage of the product life cycle. There are no sales and the firm prepares to introduce the product.
As the product progresses through its life cycle, changes in the marketing mix usually are required in Product life cycle of ipad to adjust to the evolving challenges and opportunities. When the product is introduced, sales will be low until customers become aware of the product and its benefits.
Some firms may announce their product before it is introduced, but such announcements also alert competitors and remove the element of surprise. Advertising costs typically are high during this stage in order to rapidly increase customer awareness of the product and to target the early adopters.
During the introductory stage the firm is likely to incur additional costs associated with the initial distribution of the product. These higher costs coupled with a low sales volume usually make the introduction stage a period of negative profits. During the introduction stage, the primary goal is to establish a market and build primary demand for the product class.
The following are some of the marketing mix implications of the introduction stage: Product - one or few products, relatively undifferentiated.
Price - Generally high, assuming a skim pricing strategy for a high profit margin as the early adopters buy the product and the firm seeks to recoup development costs quickly. In some cases a penetration pricing strategy is used and introductory prices are set low to gain market share rapidly.
Distribution - Distribution is selective and scattered as the firm commences implementation of the distribution plan.
Promotion - Promotion is aimed at building brand awareness. Samples or trial incentives may be directed toward early adopters.
The introductory promotion also is intended to convince potential resellers to carry the product. The growth stage is a period of rapid revenue growth. Sales increase as more customers become aware of the product and its benefits and additional market segments are targeted.
Once the product has been proven a success and customers begin asking for it, sales will increase further as more retailers become interested in carrying it. The marketing team may expand the distribution at this point. During the growth stage, the goal is to gain consumer preference and increase sales.
The marketing mix may be modified as follows: Product - New product features and packaging options; improvement of product quality. Price - Maintained at a high level if demand is high, or reduced to capture additional customers.
Distribution - Distribution becomes more intensive. Trade discounts are minimal if resellers show a strong interest in the product. Promotion - Increased advertising to build brand preference. The maturity stage is the most profitable. While sales continue to increase into this stage, they do so at a slower pace.
Because brand awareness is strong, advertising expenditures will be reduced.
The competing products may be very similar at this point, increasing the difficulty of differentiating the product. The firm places effort into encouraging competitors' customers to switch, increasing usage per customer, and converting non-users into customers.Mar 02, · The new iPad can be seen as a life cycle extension for other apple products like the ipod touch and the new laptop’s macbook air and macbook pro.
The iPad may have been introduced because of competition being introduced against the ipod and macbook computers.
MacRumors Buyer's Guide. This page provides a product summary for each Apple model. The intent is to provide our best recommendations regarding current product cycles, and to provide a summary of currently available rumors for each model.
The traditional product life cycle curve is broken up into four key stages.
Products first go through the Introduction stage, before passing into the Growth stage. Next comes Maturity until eventually the product will enter the Decline stage.
These examples illustrate these . A journey on the emotional rollercoaster of owning a fancy apple gadget. The project management life cycle is a series of activities that are necessary to fulfill project goals or objectives.
These activities may go by different names, depending on the methodology, but tend to .
The Settings app was fairly basic when the iPad was first released in , providing control of the Bluetooth and Wi-Fi wireless radios, screen brightness and .