Product Life Cycle

This video introduces and explains the theoretical concept of the product life cycle.
#alevelbusiness #businessrevision #aqabusiness #tutor2ubusiness #alevels #edexcelbusiness #businessalevel #ProductLifeCycle
VIDEO CHAPTERS
0:00 Introduction
0:35 Using the Product life Cycle Model can help
1:53 Product Life Cycle Chart
2:51 Example of the Product Life Cycle: Apple iPod
3:36 Development Stage
5:11 Strategies at the Introduction Stage
7:07 Strategies in the Growth stage
7:43 Maturity Stage
8:55 Strategies for Mature Products
10:46 Reasons Why Products Enter the Decline Stage
11:27 Strategies for the Decline Stage
11:52 Criticisms of the Product Life Cycle Model
12:44 Examples of the Different Stages in the Product Life Cycle: Consumer Electronics
VIDEO SUMMARY
The video is about the product life cycle, a theoretical model that describes the stages a product goes through from its development to its decline. The video explains the five stages of the product life cycle: development, introduction, growth, maturity, and decline.
Development stage: This is the process of creating a new product. It can be a complex or simple process depending on the product and the industry.
Introduction stage: This is when the product is first launched into the market. Sales are typically slow at this stage as customers are not yet aware of the product. Businesses need to spend heavily on marketing to promote the product.
Growth stage: This is when the product starts to gain popularity and sales grow rapidly. Businesses may see a positive cash flow at this stage as they are selling more units and unit costs fall.
Maturity stage: This is when the product reaches its peak sales. Sales growth starts to slow down and competition becomes more intense. Businesses need to find ways to differentiate their product and extend the maturity phase.
Decline stage: This is when sales start to fall. This can be due to a number of factors, such as technological change, changes in consumer tastes, or increased competition. Businesses may need to cut costs and eventually withdraw the product from the market.
The video also includes examples of products at each stage of the life cycle. For example, drones are in the development stage, wearable technology is in the launch phase, ultra high definition TVs are in the growth phase, LED TVs are in the maturity phase, and DVDs are in the decline phase.
The product life cycle is a useful model for businesses to understand how their products are likely to perform over time. It can help businesses develop marketing and business strategies for each stage of the product life cycle.

[@tutor2u-official]

Here are some of our free study notes on the key topic of the product life cycle www.tutor2u.net/business/reference/product-life-cycle

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[@tutor2u-official]

What lovely feedback! We're pleased you found this video helpful with your studies!

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[@tutor2u-official]

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[@apollosndemuweda]

Fantastically outlaid and explained! Thank you

[@joeblackwolf17]

Thank you so much for the breakdown of the product lifecycle. Tomorrow I go through my first class of the product lifecycle and this has been a great help

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You got this!

[@roo337]

Highly appreciated. Very useful.

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I have my Business A level in 2 days time. You're videos have been very helpful. Thanks

[@georgebailey771]

At last! a really simple explanation of the product life cycle! perfect

[@tutor2u-official]

Delighted you found it useful George

[@olledanielsson2401]

The video was good, but I would like to point out that there is another definition of Product Lifecycle (PLM), the technical definition, which is about managing the technical (design) information over the products lifecycle. How to assure the manufacturer knows what drawings and specification to use for a product that constantly is under change and updates.

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👍

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I love this video as it easily explains how the product is explained and I got a A+ in my exam thankyou

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Great work! Well done and every best wish

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I really appreciate it. the way of explanation is quite simple and easy to understand. Thank you

[@christophermahimbo2722]

I appreaciate for the details..🤗

[@tutor2u-official]

More revision resources on the product life cycle available here www.tutor2u.net/business/reference/product-life-cycle

[@thecreativemastermin]

Very helpful video. Thank you! :)

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Thank you very much-great explanation!!!

[@tutor2u-official]

Thank you - tried to keep it simple!

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Very well explained. Thank you

[@tutor2u-official]

Glad you liked it

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Thank you Very helpful :)

[@sufiyanmajid586]

Great video. 1st chapter of subject PLCM almost done.😅 Thank you.

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It a strategic on growth indeed...

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Great video. Would be better if KZbin had a 15 second rewind/speed up option for us people taking notes :(

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[@tutor2u-official]

Glad it helped!

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thank you for the tip.

[@zahidamurtaza3016]

Explain the product life cycle. Discuss the application of this concept for fashion garment. i want to know the exact ans of this question

[@jamal.4495]

Best product life cycle video

[@brianevans4]

A business wants to extend the product life cycle of its most profitable products. To what extent do you think the business will need to invest significantly in order to be successful with this strategy?

[@SamTheMan453]

Good Revision Resources for upcoming AS exams!

[@tutor2u-official]

Thanks for the positive feedback on this video!

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Better than my lectures at college! Thank you so much!

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Thank you.

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thank you

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Thank you very much

[@user-xc7ql8tk7g]

Could you please include some mindmaps in the video?

[@Potencyfunction]

Can you please make with subtitles in danish? It is very important for marketing strategies ...

[@fetihoral8492]

thanks

[@noelvito9689]

Is it said that one of the most critical stages in product development is the product discontinuation phase?

[@fehmidaghazal3290]

Thanks a loot (:

[@fredricksonarthur2870]

Very helpful

[@yvonnebrowne3009]

Do you have any tutorials on the PADi, Gattorna framework, segmentation

[@Rajgopal25758]

Thanks for your time

[@sreenathnaik888]

Very well explained...

[@tutor2u-official]

Thanks!

[@Potencyfunction]

I dont understand what life ... and neither products and services characteristics....

[@pankajmazumder2860]

Is there any decline phase of SaaS based model ? Because here the client will have data dependency so will the maturity phase be same as decline phase ?

[@francisricafort5214]

How can we say that the brand is not following the product life cycle? Example of a new brand that is not entering the life cycle at the market introduction stage? advance thankyou

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[@tutor2u-official]

Soory we cannot provide a psychic service!

[@papicoco5069]

great learning material

[@tutor2u-official]

Thank you 🤗

[@ntcuong01ct1]

Dear Friends, I have many questions about product life cycle: 1/ New product introduction stage: The market is not yet available, the basic purchasing power is not high, running continuous campaigns + promotions, gross profit margin is only 1-3% and it can be less than 0. 2/ The Growth stage: The market has accepted the product and continues to grow in terms of market share, at this time, revenue and gross profit has grown steadily, basic purchasing power has increased, but it costs a lot to run campaigns and maintain. Basic promotions. 3/ Booming period: Revenue and gross profit grew significantly (> 20%). 4/ Should we track the product life cycle year by year?. Do you have any suggestions?. Thank you.

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What exam board are these revision videos for?

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Aqa

[@pilotahmed777]

isn't it development, introduction, growth, maturity, saturation then decline correct me if i'm wrong

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Hello:) What's new?

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Dak bisa basa enggres