Question

Product life cycle (PLC) consists of 5 stages, including product development. Based on the product/service in the current market, provide examples with actual products/services that can be matched in each stage of PLC and the reason why you do think so. Also, discuss what options are available to marketers to regenerate the product/service that is in the "decline stage" (i.e., how to expand a product life cycle of an item)

Note: You can use different specific products/services to provide an example in each stage.  

Answer 1

Solution -

The product lifecycle consists of 5 stages. Following are the examples of products pertaining to each stage -

1. Product Development Stage - Volvo has announced a car for release in 2021 in an electric operated vehicles band called as Polestar - 1. This is yet to be launched in the market and is currently under the product development stage.

2. Introduction Stage - Automation Anywhere an automation tool has come up with their Chatbot technology which has been introduced as product as a platform and is currently slowly being felt and tried out in the market. There are not many endorsers of this product but it is slowly looking to stand against the current Chatbot technologies like Azure already available in the market.

3. Growth Stage - Solar Panels are engineering products that leverage the Sun's energy to generate electric power. With the sustainable awareness catching up, solar panel sales has been growing across the world and is showing increasing sales and has prospects to grow further.

4. Maturity Stage - The iPhone 11 Proax has reached a maturity stage since its launch in 2019. The sales of the phone in 2019 skyrocketed but have become stabalized today and have also steadily started to show some signs of declining growth rate.

5. Decline Stage - Paper-Based Books are declining. Today the paper books are replaced by the digital versions and hence the sale of such paper books are declining in terms of sale.

Today the Paper-Based Books can be resurrected by increasing the number of reading communities and start having partnerships with the distribution agents who can streamline the supply of the physical books. There has to be a conjoined effort from the physical libraries to help in bringing this product to the customers and help in changing the the perspective of the people and how they look and use physical books in this digital age.