Marketing Product Life Cycle Assignment 2022

Running Head: Marketing 1
Marketing
Student Name
4/12/2020

Running Head: Marketing 2
Importance of Introduction Stage of the Product Life Cycle
In the field of marketing product life cycle is recognized as a significant factor. The
Product Life Cycle contains some stages which guides for the product from its launching to the
end state. The stages are introduction, growth, maturity and decline. However, it is not
compulsory that every product reaches at the end stage as some of the products fall at early
stages. The introduction is the first stage where company introduces its new product in the
market. This stage is quite critical and significance. At this stage company’s main focus is on
generating awareness among customers for their product. The main aim of company is to
promote their product and make customers believe that product is worthy. In the beginning there
is less or no competition arises also, the purpose of company is to attract customers and gain
market share instead of earning profit. Even though, at the beginning many companies have to
sale their product at lower prices or in the loss just to catch customer’s attention. Most of the
times companies have to face loss at the introduction stage but after that a high growth is seen.
The aspiration of the company is to raise the demand for the product and increase the scope for
future. There are some characteristics of introduction stage such as, there is high cost due to free
samples distribution, advertising; low sales volume; very less or no competition; slow demand;
rare chances of profit. This stage is the main and vital one for every company as if they sustain at
this then their company will grow and if not, then they have to shut it down. The introduction is
that phase at which every employee, employers have to struggle a lot and do all the possible
things. Moreover, the top managers are on high responsibility for every step or decision they
make because a single wrong decision can lead to a big trouble. When a company crosses the
first stage of Product Life Cycle then they can plan for earning profit. Because after the
introduction stage there is growth stage in which the percent of sales, revenues starts increasing
and that leads to beginning of profit (He, Luo, & Huang, 2019).

Running Head: Marketing 3
(Source: Sraders, 2019).
At this point of time company should certain some of the objectives such as, creating
market share, forecasting future, awareness to public, and ways to increase demand. These
objectives should be the base for all the companies in the introduction stage due to the reason
that the customers are not aware of the product. Therefore, for increasing sales or generating
profits in future true potential of product must be recognized by customers is necessary. These
objectives show the company’s style of moving forward (Joseph, C. 2019)
The entire essay can be concluded here that product life cycle is an indispensable fact of
marketing which aids in determining the position of company in the market. Every stage of cycle
is important but the topmost is introduction due to the reason that this stage forecast the future
and here the objectives are quite different as it does not include profit.

Running Head: Marketing 4
References
He, B., Luo, T., & Huang, S. (2019). Product sustainability assessment for product life
cycle. Journal of cleaner production, 206, 238-250.
Joseph, Chris. (n.d.). (2020). Objectives of the Product Life Cycle. Small Business - Chron.com.
Retrieved from http://smallbusiness.chron.com/objectives-product-life-cycle-11798.html
Sraders, A. (2019). What is the Product Life Cycle? Stages and Examples. Retrieved from:
https://www.thestreet.com/markets/commodities/product-life-cycle-14882534