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Product Life Cycle For Abc

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Running head: LIFE CYCLE Product Life Cycle for ABC’s Microchip Product Student Institution Affiliation LIFE CYCLE 2 Product Life Cycle for ABC’s Microchip Product As cited by John Stark (2015), every product in the market has a product life cycle (PLC) which essentially involves five distinct. Different stages of the PLC describe a product’s life in the market in regards to its sales and business costs. It is, therefore, important to understand the expected product life cycle of ABC’s microchip product and incorporate various strategies, skills, processes, and tools among others in ensuring the products do not only survive longer in the market but also attains its desirable sales volume throughout its life in the market. The initial stage of the PLC is product development; here, ideas of the product are generated, tested and operationalized with some investments being made. There are no sales made in the market as the product has not been introduced in the market. Strategies required at this stage are identifying a gap in the market through extensive market analysis designed to determine the needs and expectations of customers to come up with the right product, at the right quality and price that would satisfy their needs and desires. LIFE CYCLE 3 Once a product is developed successfully, the introduction stage follows. In this phase, the product is launched into the market. The costs linked to the product (marketing expenses) are relatively high. There is l ...
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