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Question answers on Product management

Question answers on Product management

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Question 4

a. The product life cycle (PLC) is a popular concept in Marketing and Product

Management. Define what the PLC is and draw a diagram showing all of its

elements—draw the PLC with four stages.

The product lifecycle is a graphical illustration and empirical analysis of the lifespan of a

product. It shows the life of a product starting from the introduction of the product up to its

eventual decline. The four stages of the PLC are the introduction, growth, maturity, and decline.

The figure below shows the various stages of a product lifecycle.

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I

– Introduction

II – Growth

III – Maturity

IV – Decline

b. There are a number of criticisms of the PLC—fully describe these.

Sales

Volume

I II III IV

Time

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Question 4 a. The product life cycle (PLC) is a popular concept in Marketing and Product Management. Define what the PLC is and draw a diagram showing all of its elements-draw the PLC with four stages. The product lifecycle is a graphical illustration and empirical analysis of the lifespan of a product. It shows the life of a product starting from the introduction of the product up to its eventual decline. The four stages of the PLC are the introduction, growth, maturity, and decline. The figure below shows the various stages of a product lifecycle. I - Introduction II - Growth III - Maturity IV - Decline b. There are a number of criticisms of the PLC-fully describe these. The rules and exceptions that the Product Life Cycle Theory is based on has attracted a lot of criticism. The PLC fails to determine a standard time in which a product will remain in a specific stage thus failing to provide a clear duration of the product's life. The theory also fails to specify the longest and the shortest time taken by each stage. This is mainly due to the fact that products are different and they tend to behave in distinct ways in the market. The theory has also been criticized for creating a self-fulfilling prophesy when it suggests to product developers that it must eventually die. This is not always the case for all products as some tend to revert from maturity to growth. Product redesign and redevelopment has enabled numerous companies to continue their growth exponentia ...
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