Question

Refer to the section on the Product Life Cycle. For each of the four stages of the Product Life Cycle, identify a product in the market that you think may be in that stage right now. Explain your reasoning for each product/stage

Answer 1

The four stages of Product Life Cycle are :-

Introduction, Growth, Maturity and Decline

It is to be remembered that the stage in which a product lies in one country may differ in the case for an another country in the world due to various reasons. The following examples of products are perceived in developed country like USA :-

1) Introduction Phase :- Artificial Intelligence (AI) supported products like AI sex robots and automated living by Alexa or Siri. Some of these products have already crossed the introductory stigma and have started becoming familiar with common people thus on the verge of entering the growth phase.

2) Growth Phase :- Electric Vehicle under the revolution brought by Tesla is surely in a steep growth phase specially considering it as the need of the hour to reduce environmental pollution. The concept has been in the market now for quite sometime but the recent adaptations and development in the models have make it reach a larger audience and avaliable for common people.

3) Maturity Phase :- A product like Digital Camera has reached its maturity stage in the market. With the advancement of camera qualities in the phone people no longer opt for a seperate camera unless very specially interested in photography thus making the sale reach a straighter line and even slightly towards decline. Also products like personal computer (desktop) or tablet are on their maturity stage.

4) Decline Stage :- Products have reached decline stage due to outdated technology, lack of innovation and saturation in the market. The list includes products like VCR which has declined after the onset of online streaming platforms. Another example can be of LCD screens which have become outdated now with the coming of the new age LED technologies.