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Product Life Cycle

This video introduces and explains the theoretical concept of the product life cycle. #alevelbusiness #businessrevision #aqabusiness #tutor2ubusiness #alevels #edexcelbusiness #businessalevel #ProductLifeCycle VIDEO CHAPTERS 0:00 Introduction 0:35 Using the Product life Cycle Model can help 1:53 Product Life Cycle Chart 2:51 Example of the Product Life Cycle: Apple iPod 3:36 Development Stage 5:11 Strategies at the Introduction Stage 7:07 Strategies in the Growth stage 7:43 Maturity Stage 8:55 Strategies for Mature Products 10:46 Reasons Why Products Enter the Decline Stage 11:27 Strategies for the Decline Stage 11:52 Criticisms of the Product Life Cycle Model 12:44 Examples of the Different Stages in the Product Life Cycle: Consumer Electronics VIDEO SUMMARY The video is about the product life cycle, a theoretical model that describes the stages a product goes through from its development to its decline. The video explains the five stages of the product life cycle: development, introduction, growth, maturity, and decline. Development stage: This is the process of creating a new product. It can be a complex or simple process depending on the product and the industry. Introduction stage: This is when the product is first launched into the market. Sales are typically slow at this stage as customers are not yet aware of the product. Businesses need to spend heavily on marketing to promote the product. Growth stage: This is when the product starts to gain popularity and sales grow rapidly. Businesses may see a positive cash flow at this stage as they are selling more units and unit costs fall. Maturity stage: This is when the product reaches its peak sales. Sales growth starts to slow down and competition becomes more intense. Businesses need to find ways to differentiate their product and extend the maturity phase. Decline stage: This is when sales start to fall. This can be due to a number of factors, such as technological change, changes in consumer tastes, or increased competition. Businesses may need to cut costs and eventually withdraw the product from the market. The video also includes examples of products at each stage of the life cycle. For example, drones are in the development stage, wearable technology is in the launch phase, ultra high definition TVs are in the growth phase, LED TVs are in the maturity phase, and DVDs are in the decline phase. The product life cycle is a useful model for businesses to understand how their products are likely to perform over time. It can help businesses develop marketing and business strategies for each stage of the product life cycle.