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Definition of Product Life Cycle

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Definition of Product Life Cycle

The product life cycle refers to the process a product goes after it is first introduced into the market up to a point when it is declining or when it is removed from the market. The product life cycle is applicable in the choice of strategic alternatives on the basis of the stages undergone by services and products. The product lifecycle has four significant stages, which comprise; introduction, growth, maturity, and decline.

The product life cycle has two significant strengths which comprise of; giving room for the marketing managers to be able to check which stage they are in and make appropriate changes in their marketing strategies. The other strength of the product lifecycle is giving room for managers to be able to avoid pitfalls of different stages by carrying out a comparison with other products that are in the same stage. The weaknesses of product lifecycle comprise of; providing a clear picture. In some cases, a product’s sales might not always rise beyond the introduction stage, or it might enter into a decline stage just before going into a subsequent rise. The second weakness of the product lifecycle is that it can be self-fulfilling; based on the recommended actions, a product may begin to behave as if it’s at the decline stage, making the managers decide to discontinue that particular product(Ginter, 2013, p. 256)..

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Why is this useful when an organization considers adaptive strategies?

The product life cycle is essential when an organization is considering adaptive strategies because it works as forecasting, too, thus enabling the marketing managers to decide on the best strategy to be utilized (Ginter, 2013, p. 301). Secondly, the product lifecycle is essential when an organization considers adaptive strategy because it works as a planning tool by providing necessary data to plan the best marketing strategy as well as the policy for compilation. It is also essential for organizations that consider adaptive strategy because it works as a control tool.

 

 

References

Ginter, P. M. (2013). The Strategic Management of Health Care Organizations. John Wiley & Sons.

 

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