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Essay / Research Paper Abstract
This 3 page paper explains the five cycles in the product life cycle and the four phases in the project life cycle. Bibliography lists 4 sources.
Page Count:
3 pages (~225 words per page)
File: ME12_PGlfcypp.rtf
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Unformatted sample text from the term paper:
decline. There are exceptions in that some products never do decline. Consider many of the cereals on the market such as Corn Flakes or Quaker Oat Meal. They just keep
selling. The product life cycle begins with design/development of the product. This stage incorporates everything that happens from the time the idea for the product was generated to its launch
to the market (Edwards, 2010). This is a very costly endeavor for any company. This will include product branding, pricing of the product, how the product will be distributed and
how the product will be promoted (Edwards, 2010). The second stage is the Introduction of the product to the market (Edwards, 2010). The company takes steps to build an awareness
of a new product prior to its release. There are intense marketing campaigns just prior to the introduction and after its introduction (Edwards, 2010; QuickMBA, 2010). The third stage
is Growth. In terms of marketing, the company attempts to build brand awareness and brand loyalty during this stage. The company maintains the products quality and may even add features
to the product (QuickMBA, 2010). As the product grows in sales, the company recuperates the very expensive first two stages (Edwards, 2010). The firm can begin forecasting sales during this
stage. The company may add to their distribution channel during this stage as consumers (or other businesses) purchase the product. Promotion increases growth and at this time, the company may
market to a wider audience (QuickMBA, 2010). The company may be challenged with copy-cats during this stage. For instance, if this is a brand new product that has not been
seen before, other companies will attempt to develop a competing product (Edwards, 2010; QuickMBA, 2010). The next stage is maturity. A product reaches the maturity stage when sales begin to
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