Product Life Cycle Management: A Report on Wesfarmers and Bunnings

This report provides a comprehensive analysis of the product life cycle for Wesfarmers Limited and its subsidiary, Bunnings. It examines the four stages of the product life cycle – introduction, growth, maturity, and decline – within the context of these companies. Wesfarmers, focusing on sustainable products and office supplies, faces a complex introduction phase due to its commitment to environmentally friendly practices. Bunnings, a hardware-focused company, leverages its app to enhance customer access and product information. The report details Wesfarmers' growth from a rural cooperative to a leading supplier, emphasizing cost management, market demand, and effective marketing. The maturity phase highlights strategies for maintaining competitiveness, including price adjustments and marketing efforts. Finally, the decline stage discusses challenges related to technological advancements and market competition, stressing the importance of performance indicators and strategic decision-making. The report concludes by summarizing the key aspects of product life cycle management, including advertising, pricing policies, and the importance of adapting to customer demands.

PRODUCT LIFE CYCLE

INTRODUCTION
• Product life cycle describe the product and consumer of the organization.
• Life cycle of the product describe into four stage that include the introduction of the product
and the growth, maturity, decline of the product that have.
• This report includes the information about the Wesfarmers limited and Bunning product life
cycle.

CONTINUE..
• Bunning is a company which contain the household hardware and deals with the company.
• Bunning has a market share of the DIY product.
• Wesfarmers limited deals with the sustainable product and office supplies and also the
apparel which include the sustainable product.
• Project lifecycle useful for provide information to business that they have potential to
increase and develop new opportunities with proper identification and evolution of customer
attraction and product selling activities.

PRODUCT LIFE CYCLE
• Product life cycle include the management tool of the product of the company.
• Introduction:- Westfarmers limited is one of the biggest firm in the field of making sustainable
products.
• The firm is producing range of sustainable products and ensuring the safety of the people and
environment as well. The firm includes the Blackwoods, Bullivants, King gee, GotStock and
stubbies.

CONTINUE..
• The product life cycle of the firm's product goes through various stages. As the products ensures the
safety of people and environment together. Therefore, the process of product life cycle for the firm is
a big process.
• The company uses the sustainable method therefore, they can not use that methods for production
which cause extreme harm to the nature.

CONTINUE..
• The planning process of product life cycle goes with selecting that ways for producing the
product that does not lead to environmental harm.

CONTINUE..
• On the other hand, Bunning produces the products such as, Gardening equipments, Kitchens &
appliances, paint home storage, flooring heating and cooling tool, indoors and outdoors lighting
and hand power tools. Bunning is a kind of hardware based company.
• The company has its own app under which the customers can find the products of the company.
And along with this, the details has also been mentioned regarding the products of the company.
Example:- office supply, chemicals for the farming (Otte, and et.al 2019).

CONTINUE..
• Growth:- growth of the organization include the success of the company and it determines the
success and the growth of the company by which they will have accessibility and opportunity to
expand their business (Biddle, 2017).
• Wesfarmers started their business in 1914 for support the rural community of the country and after
they expand their business into superphosphate business.

CONTINUE..
• The owner of the firm make a initiative to turn a farmers co-operative into the business after that the
growth of the business stimulating in various factor and the organization become the lead and
important for the benefit of farmers and also for the country economy.
• Effective product life cycle requires consideration about cost management and market demand and
proper marketing activity because it makes effectiveness in product promotional aspect. And
operational management team plays major role for product quality improvement on the basis or
market demand.

CONTINUE..
• In 2019 company become the leading supplier of the office product and services, and they also
improve and make advancement in the communication and information technology for the betterment
of the company and furthermore the organization is still made improvement and lead towards the
more expansion across the globe.

CONTINUE..
• For the growth of the company, they make so contribution for the recognition of the firm (Xiang,
2020). In 2014 wesfarmers had their 100th birthday on that day they make contribution of their
shareholder, employees, workers etc.
• This indicates the company to help in their growth and success. Bunning is also the subsidiary of
wesfarmers who work as a warehouse of the product company have.
• Example:- kmart, bunning warehouse.

CONTINUE..
• Maturity:- maturity describe the period when company has to make sure about their competitive
environment, and they lower their product price to compete with their competitor and make growth
against them.
• Maturity in the product life cycle means the highest point where the product is been reached, this
phase in the most important phase for the product.

CONTINUE..
The product life cycle of wesfarmers limited, shows the maturity phase in the process, the
maturity phase of the company show the performance which they have been best at.
• The company have various product which always stay in the maturity phase and allow
business to make huge profit after they reduce their price. In maturity period company
become more effective and efficient because they learn from their mistake and made
growth to achieve success.

CONTINUE..
• During this stage company product reach at the stage where they make more profit in other time
because of the reduced in the price of the goods and services company have (Zhang, and Wei, 2021).
• Maturity stage of the product life cycle also consist the marketing strategy of the product that
company have and want to promote for the betterment and effective reach of the organization.

CONTINUE..
• Organization have to make sure that consumer should get to know about their products, and they
promote their product very well for the recognition and better strategy to set in the market.
• Example:- blackwoods, greencap.

CONTINUE..
• Decline:- decline stage considered the product of the company which is decline by the market there
is so many products of the company which is decline by the market and typical to understand to the
consumer of the organization.
• This includes the production of the product of the organization. The competition of the market and
companies in sustainability product. Include the enhancement of the organization at the organization.

CONTINUE..
• Nowadays the technology advancement is increases and the product of the both companies as well.
• But in the end it has to be ended not the company but the product of the company or the method
they use has to be ended.
• Application and development of technological tools provides fast idea that this product and services
ahs potential to survives in market.
• Also, its useful idea development process about long term business performance improvement and
engagement of new things.

CONTINUE..
• Product life cycle can allow the organization in decision-making and this also gives. Whenever the
decline happen company should know about the performance indicators they have.
• If anything does not go well then after the organization can revert their product but this includes the
major loss to the organization because they already invested a lot and in the product they have
(Serebryansky, and Barabanov, 2019).

CONCLUSION
• Summarize report conclude the information about the product life cycle of the product that company
have product.
• Product life cycle include the advertising, pricing policy of the product company have.

CONTINUE..
• This report concludes the expansion, maturity, decline and introduction about the company life cycle.
• With the help of the product life cycle this will help organization and their product and redesigned,
packaging of the product.
• It helps to determine specific product it develop more efficiency with the proper identification of
customer demands.

REFERENCES
• Books and Journals
• Otte, J.N., and et.al 2019. An ontological approach to representing the product life cycle. Applied
Ontology, 14(2), pp.179-197.
• Biddle, I., 2017. Target Marketing: Gaining customer details to maximise marketing
strategies. Busidate, 25(4), pp.10-15.
• Xiang, Y., 2020. The Roles of Marketing Breadth and Competitive Spread on Product Life
Cycle (Doctoral dissertation, University of Toronto, Toronto, Ontario, Canada).

CONTINUE..
• Zhang, Y. and Wei, F., 2021. SMEs’ charismatic leadership, product life cycle, environmental
performance, and financial performance: A mediated moderation model. Journal of Cleaner
Production, 306, p.127147.
• Serebryansky, S.A. and Barabanov, A.V., 2019, October. To the question of optimizing product life
cycle stages. In 2019 Twelfth International Conference" Management of large-scale system
development"(MLSD) (pp. 1-4). IEEE.