Question

Many well-established brands may seem to be in the decline stage of the product life cycle, perhaps because changing tastes or new technologies have rendered the products obsolete. Choose a product in the decline stage of the product life cycle. Describe a plan for revitalizing the product, especially in terms of the 4P’s.

Answer 1

Ans.
The product life cycle is a cycle and a pattern of profits and sales over the time for a commodity. It contains four stages, i.eintroduction, growth, maturity and decline.
The decline stage of the product life cycle is when the sales and the profit decreases, the commodity reaches its declining stage. The rate of decrease is decided by the two factors, i.e., rate of change in the taste of the consumer and secondly, the rate at which the new commodities enter into the market.
VCRs by Sony is an example of a product in its declining stage. The demand for the product has now been decreased due to the increasing demand of DVDs and most probably thr online streaming content.
Such products which suffer the declining stage of the product life cycle should improve the product by implementing the changes and accepting what the consumer wants. The product can come back to its maturity stage by applying 4Ps, i.e., product, price, place and promotion. The company should analyze what the consumer wants and accordingly update their technology. The pricing for the commodity should be according to the market prices. The company should analyze what type of market is best for the commodity. In today's digital world it's easier to promote the product, so the company should be updated with the new technologies and ways to promote their product, so that more consumers can get attracted.