Product Life Cycle, an important part of Marketing process is like a bio data of a product. It defines the total progress or failure of a particular product. There are lot of views about PLC. The ultimate view given by Kotler (the father of marketing),has been followed by almost every organization and research centers. But, if we compare traditional PLC with present market situations, we will find the there is a need of little bit modification in it. Let's see the comparative review of Traditional and modern PLC.
(A) Traditional Product Life Cycle :-
the traditional PLC contains four major stages in PLC.
1) Introduction
2) Growth
3) Maturity
4) Decline.
As clear from given points, the product introduced in the market after that it grow, then it's demand increase and it touches the maturity label and finally it declines from it's position in the market.
(B) Modern Product Life Cycle :-
In the modern Product Life Cycle, there are only three stages.
1)Introduction.
2)Peck Point.
3)Existence/Replacement.
It is the life cycle of a product in modern era. It introduce and within very short time, it touches the peck point due to more demand, but very soon it declines and exist from the market. Fresh arrived Products of retail stores or stylish mobile handsets are perfect examples of modern Product Life Cycle.
More Examples :- Within one year (2010), Micromax mobile has been introduced as well as stopped more than 50 varieties of it's mobile handsets in Indian market.
Nokia's E-Series introduced at the begning of the year 2010 and it became a market gainer till mid of the year but at the end of the month, popularity of this product has been also end.
Bajaj has been introduced Discover 100 cc bike in the year 2010. It cover up almost total market within two months. But till end of September, company introduced the same bike in 150 cc
At present time, a fresh product have two qualities:-1) Quick Growth and 2)Quick decline.
there are several reasons for that nature of a product in modern era :-
1) Change in customer buying behavior.
2) Change in fashion in regular intervals.
3) Increase in number of competitor in every industry.
4) More availability of counter-products which effects the brand image of a product.
5) Replacement goods.
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ReplyDeleteAs you say that a fresh product have two qualities:-1) Quick Growth and 2)Quick decline.
ReplyDeletebut what I feel that you cant have that quick growth in every new products. the same case applies with the quick decline also. there are plenty of products which are existing in the market and performing as a market leader. so they are not performing as your theory of quick decline.
Please think on the matter and revert back.
Dear Abhisek, we welcome your comments and very thankful to you for your ideas and views.
ReplyDeleteAs per your quarries regarding not applicability of rule of Quick growth and quick decline in the case of all products :-
Sir, if we take a view of present market scenario, we will found that the demand of almost all the products follows the rule of quick growth and quick decline. it may be a daily using garment, fresh models of automobiles, electronic accessories etc.
I think we can have a good discussion on the matter. I always welcome your comments.