Study the Stages of Product Life Cycle with Our Expert Guidance:
Manufacturing industries run their business by producing new products and withdrawing older ones. Old products are taken out of market because of their lack of competition. The customers may not feel same interested with old products. Getting habituated creates this situation of wanting a new and better product. This is fulfilled by the company for aiming for a better earning opportunity. You can learn these facts with Product life cycle Assignment Help from us at 24x7assignmenthelp.com.
What is PLC?
From Product life cycle Assignment Help you’ll know that product life in cycle is known as PLC in short. This describes a period of time where a product is first introduced in the market and finally gets withdrawn. From the birth to its demise, this period looks like a life cycle and since the name Product life cycle.
Every product has this cycle and even with high reputation, it will eventually reach to its final stage. It is true that some products reach this cycle early and some late because of their usefulness.
Necessity of PLC:
From a complete Product life cycle Assignment Help you’ll get to find about significance of product life cycle and its analysis. This is no doubt a tough strategy and requires lots of market and product researches but the usefulness cannot be ignored easily.
- It analyses a product health in a market it competes in. This way a company gets warning for any future requirements to improve product quality.
- It scans market standards. This is a useful strategy to analyze customer interest. Companies get to reach their goals with one product faster by using this PLC analysis.
Stages of product life cycle:
In Product life cycle Homework Help you will learn about four stages of product life cycle.
- First stage:
In its first stage, a product gets introduced in a market for the first time. Here, promotional activities take first initiatives. For creating a better market response, some limited issues are offered. This stage is for creating an awareness and so sales doesn’t start to gain profit.
- Second stage:
This is when sales starts to take off and finally growth are visible. Other companies will involve and customers are well aware of this product. Profits begin to flow in.
- Third stage:
This stage is known as maturity stage. Sales rate start to grow slow. Price rates aren’t verified much and promotions are not a big hit anymore. Weaker companies having same products in market starts to retreat.
- Fourth stage:
This is the final stage of PLC where products are withdrawn from market due to zero sales rates. In other words, those products are declined.
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