Product Life Cycle of Products That I Use

 

The traditional product life cycle has four different stages, each with its own characteristics that is different for different brands and their various products. Here I have discussed about products that I use personally and their PLC stages.

INTRODUCTION STAGE:
Amazon Kindle and Practo health app have been around for a little for than a decade now. The market is small and sales are low too, although it will increase in the next few years. Hassle-free book reading and online doctor consultation is what consumers would look for.

GROWTH STAGE:

Streaming services (Netflix, Amazon Prime) and Mivi Earpods. Given the pandemic and our busy lives, it is THE time for Netflix and Amazon Prime for growth in sales and profit. Consumers are increasingly buying subscriptions to watch at their own comfort.  Gone are the days when we had to struggle with the earphone wires. Now, customers are more comfortable with bluetooth earpods – great music and easier to connect calls.

MATURITY STAGE:

Smartphone and Air Conditioner – These well-established products are in their most competitive time and need to hold their market share. They have reached market penetration and now have to introduce modifications for a competitive advantage.

DECLINE STAGE:

Radio system and DVD player – While these products are still available in the market, they have definitely reached the decline stage, because consumers opt for more advanced products now. Smartphones, iPads, laptops have replaced radio and DVDs in the market.