Product Life Cycles
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The product life cycle is a frequently assigned topic for research papers in business and MBA courses. Remember when looking at the product life cycle there are 4 different stages involved:
- The introduction stage
- The growth stage
- The maturity stage
- The decline stage
Each one of these stages has to do with internal and external factors along with product changes in marketing strategies. Other important factors on the product life cycle are the laws of supply and demand.
Demand Forces - Product Life Cycles
In approaching a research paper on the product life cycles there are several ways you can examine any product's life cycle. Demand forces is one approach to examining product and entails looking at whether product or service is nonessential, price too high, changes to consumers disposable income or if a product is in its maturity or decline stage. Another demand force is consumer taste. For example if preferences or needs have changed for a product or service it may prematurely enter the decline stage. Many industries struggle with this.
Supply Forces - Product Life Cycles
Many companies struggle with supply forces in a product life cycle. Maturity and decline stages can be forced by competitors and other businesses. Within any market pricing decisions and competitiveness to drive supply forces up or down. This scenario causes competitors to introduce new products or improve products that may send your product into the maturity stage.
Product life cycles are are influenced on many factors and a research paper on product life cycles will have to take care to introduce each and every facet or stage involved.