Product Life Cycle Assignment

Product Life Cycle Assignment

An appropriate definitionof the product life cycle is a critical arena of inquiry for a marketing student. The product life cycle is indicative of the stages a product goes through after being introduced in the market (Henley, 2014). The Harvard Business Review, the more complex a product or service, the more distinctive its newness and the greater the required shift in customer activities- contribute to product decline. This process is further indicative of the growth or development of a product. Thus, product life cycle topics are an important subject that has been introduced in several marketing universities in Australia.

Under product life cycle assignments, various strategies to ensure the product's success are introduced. These strategies are collectively inquired and researched based on product life cycle management courses, aiming to bring cooperation on parallel streams of employees, product departments, and engineers. Marketing assignment help and management department inquiries are critical in fulfilling the goals, outperforming competitors, and making the product desirable for a long time.

According to Schumacker (2014), an efficient product life cycle assignment will offer strategies to induce a high-quality market, increase sales, improve product features, etc. This is a complex process and requires dedicated amounts of time and effort. Thus, the Online Assignment Expert is available at your doorstep to provide academic guidance for your product life cycle assignment. We provide exemplary amounts of product design assignment help from expert level assignment writers and guide students who require assistance while writing their assignments, projects, case studies and dissertations.

Different Stages in a Product Life Cycle Explained by Our Assignment Help Experts

The terminology of Product Life cycles is indicative of the management plans and marketing operations that further present the product with various stages of production and consumption. According to Jerome et al. (2015), There are four important junctures in the life cycles of products, and each comes with different characteristics for the management to maintain.

1. The Introduction Stage: For any product to be launched, the introduction stage marks the first step. It is perhaps the most expensive stage as the product has just been introduced. Producers are invested heavily as the product sale is relatively low, and the profit will remain nominal. The initial stage of the product is rather conducted on a trial basis, with minimal levels of competition since it has just appeared in the market. This process involves advertisement and promotion of the product, and different tools and strategies are adopted to engage the target audience by creating awareness amongst them.
2. Growth Stage: Factors like sales growth act as crucial elements in this stage of the product. The awareness generated in the introductory phase gradually leads to the growth of the sale. Chances of high consumption and increased profits are noted in this stage. Some companies only tend to stay until the introduction stage, whereas this is the stage of gaining the most profits for other companies. During this stage, there are several modifications that the brands improve the quality of their products, add new features, spread more outlets, increase distribution channels, and reduce the cost if profit is low. Investing more in promotional activity will increase the potential of gaining more profit.
3. Maturity Stage: At an advanced stage level, the product is associated with many competing factors in the market. The manufacturers bear the responsibility of ensuring the product’s successful position in the market. A gradual decrease in the market will also decrease the cost of the product since the volume of the product has been increased. This is the period when more competitors seem to join the market.
4. Decline Stage: The last stage, i.e., the decline stage, is when the product indicates negative results in the market. There is less cash flow due to alternative or better products. Producers try to introduce several offers to revisit their business goals to gain production and profit strategies. However, gaining profit becomes more challenging at this stage since the volume of the sales decline. The marketing team tends to bring new ideas or a new product from where it can gain profit.

The production life cycle is an important theoretical topic taught in elite business courses in Australia. It prepares its students to stay alert of the required steps they need to take. The process is rather easy and fruitful since the company continuously scans the product at every stage. Students who have to write product life cycle assignments can lay the groundwork based on this information. Therefore, our services are available for any product life cycle assignment query. Our experts are familiar with industry-level inputs of the marketplace and have served thousands of marketing students.

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