PRODUCT LIFE CYCLE

PRODUCT LIFE CYCLE

Products can be likened to human beings in the sense that they have a life cycle; they have a birth, a life and a death.

Consequentially, products should be promoted, financed and marketed with this in mind.

Even as a new product is launched the promoter must have in mind that one day it will die. This means that the revenue will at one time be low and then rises and subsequently falls again.

Phillip Kotler divided product life cycle into five main categories; namely; product development, introduction, growth, maturity and decline.

The foregoing accounts for the reasons why some of the known product brands have disappeared. At other times, the promoters simply repackage the products under a new name.

Perhaps the most notorious companies are the car manufacturers who change their models at intervals to attract new sales. So also, the mobile phone makers are constantly changing their   models to attract new customers.

The trade mark of an entrepreneur is innovation, therefore, we must keep reinventing the wheel to remain profitable.