Q4-Write short note on Life Cycle.
Every product has a certain and limited life after the expiry of which it becomes obsolete and is abandoned. It passes through 5 phases in its life.
e) The end
The company makes efforts to prolong the life cycle through its marketing strategy. It continues improving or changing the product in style, shoe, size, color, or taste etc. It also undertakes advertising to refresh the memory of its consumers. Examples to this effect include the introduction of new models of cars, computers, television with improved functions. Once the old product is transformed into new one its life cycle starts anew. There are other methods also to make the products new, i.e., to improve the life cycle of the product.
- Change in the price
- Modifying the packing
- Aggressive advertising
The whole world is always changing in all respects. The change never stops. It is also true for the marketing and markets. Fashions, technology, science, competition, customer, habits, and life style are all changing eternally.
The nonstop changes render the existing product, old, outdated, or obsolete. Compare a twenty-year old audio system with the existing one. A sea change is in place.