The Product Life Cycle

This paper discusses the product life cycle, a marketing paradigm, which suggests that the life cycle of the product can be assessed through various temporal categorizations.

1,560 words () | 9 sources | APA | 2005 United States

Paper Summary:

The paper explains the main phases of the product life cycle are the introduction of the product or service, growth, the establishment of adulthood, and decline. Throughout this process, the product undergoes various changes in market strategy and customer attenuation. The author points out that opponents of the paradigm generally claim it is too general and does not provide an explanation for specific cases that do not follow the model. The paper stresses that, in reality, many products reach maturity, begin to decline, and then find new strength. A product also may skip from stage to stage without following a linear pattern; therefore, the product life cycle should perhaps be best construed as a general rule to which there are plenty of exceptions.

From the Paper:

"During the growth stage, the product begins to be recognized and develops a sort of life of its own. Comparing the theoretical model to its biological underpinnings, one might say that this is the stage in which the product goes from id to ego and develops a consciousness of the external and environments. Personifying the product is of course
the point of the theory. Generally, during the growth stage the product gains competitors and a part in the market that is active."