The life cycle consists of the evolution of a product or service through defined processes or periods throughout its commercial life while the goods are for sale in a market.
According to the most renowned economists and marketers, there are 4 (four) life cycles or phases for a product or service, which extend from the birth of the good to the end of its production and marketing. However, due to the latest trends in Marketing, some specialized authors group products into 5 (five) life cycles, adding the development phase or cycle.
They are analyzing from the first perspective, where the authors group the products into four cycles since this classification is the most common and the most used.
Before defining the characteristics of each cycle or time, it is essential to note that a product can spend years and decades in the same life cycle. It is mainly due to the characteristics of the market where they are sold. Efforts are also very relevant For the brands or companies in adapting their products to the constant evolutions and demands of the market where they will be sold.
An example of this remains the Coca-Cola brand, which has been in the maturity stage for more than half a century, with practically no alterations to its original formula. It is also vital to note that each product or service has a different life cycle since not all items are the same, and each difference can affect their marketing.
Apple launched its first smartphone, the iPhone, in the middle of 2007. It presented very advanced technologies and features, well above its competition. It could even be said that said technologies were not necessary to the public at the time. However, customers appreciated its qualities, and the phone was soon the object of desire by millions and millions of young people. By 2008, Apple was already globally selling millions of iPhones worldwide, so it can be said that the introduction stage for the American company’s Smartphone last very little.
In 2004, the Korean brand KIA MOTORS sold small cars and certain utility vehicles mainly in the Asian, South American, and African markets. With almost no participation in the European and North American markets. Everything changed in 2008 and 2009 when KIA launched its new, wholly renovated SUVs, both mechanically and in design. The Models were the Kia Shortage and the Kia Sorento
Their sales skyrocketed, and they managed to consolidate both in Europe and the United States. Selling millions of units a year. Currently, this pair of SUV models, according to specialized magazines, are in the TOP 5 sales in more than ten countries in Europe.
A clear example of the Maturity Stage is the Coca-Cola product belonging to the Coca-Cola Company. The drink has been on the market for more than half a century, practically unchange, and a giant slogan is usually:
The straightforward answer, the company spends millions and millions of dollars in advertising around the world. Giving a fresh and optimistic image of the product and above all. The ability of Coca-Cola to adapt to the markets where it will be market must be taken into account—considering the new demands and the evolutions that could occur in them.
In current times, thanks to technological advances, in a smartphone or Smartphone. One can carry out hundreds and hundreds of activities on the same device. However, before, these functionalities or activities were limit to products sold separately.
Today the IPODS of the American firm Apple, as a percentage of the company’s worldwide sales, represents less than 5%. Voice Recorders and Access Digital Cameras are almost out of business. All of the above products are currently in their Decline or Declination Stage as their commercial end is near.
Product life-cycle management is the succession of strategies through a business organization as a product goes through its life cycle. The conditions in which a product remains sold change over time and must be manage as it moves through its succession of stages.