Product Life Cycle in Modern Era

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.

5 Major Steps To Win The Market.

Market, the playground of any business. Here also two teams:- the buyer and the supplier. Like other games, it also needed strategies, plannings and directions for win the market. But there is one difference from other games is that, in other games, a fresh day there has been a fresh start. no relation with last game. But in the case of market, it is little bit different. Here, the success of fresh day depends upon the work done on last day. If you done well today, it will be accelerate your next day. Like that there are a lot of things which plays a key factor in winning the market. Let see the major factors for winning a market.

Key Factors For Win The Market :-

1)Excellent Supply Chain System :-
It is found that a plenty of customers are unsatisfied with the delivery system of goods at the time. 90-95% has been lost due to poor delivery system. This is last process of sale but it is important among all. Everything (good product, well publicity, good quality,brand value)spoiled out when the goods, don't reached to the destination of buyer at time. this is the major problem for every organization at present time. But if anybody able to overcome this problem, he can win the market. So, the organizations should take more attentions on their supply chain system.

2) Provide Only True Information to Buyer About Product :-
This is again another major point where an organizations lost their loyal buyers. Sometimes, for promoting goods, we provides some wrong information's to buyers. This is terrible. Due to it, we can sale our goods only first time to buyer but this practice will lead to decline future sales.

3)Right Product at Right Place :-
A supplies should take care about this point. Because this is very true fact. Different peoples has different nature and buying habit, so it not means that a product which is best selling at a place will also have same result at other places. It is a major part of market research. Launch only suitable product at appropriate place. Don't sale microwave oven in rural areas.

4)First Come First Service :-
At present time, nobody wants to wait for anything. So, If you want to beat your competitor, you should introduce your your product before competitor. Market is totally first come first service.

5)The Market Gainer :-
Every time customer wants for something new. So, to satisfy the customer need and win the market a supplies should introduce a fresh product with others. The fresh may be something new or some old but which has not been shown to buyer last time. This product is called market gainer. Note, only one fresh product can lead to increase the sale of your old ones.