Describe the pace which your product (heart valves) will move through the product life cycle and factors that will be impact it's movement.
How will the product life cycle impact the marketing of your selected product (heart valves).
Develop a budget for you plan.
Describe the pace which your product (heart valves) will move through the product life cycle and factors that will be impact it's movement. How will the product life cycle impact the marketing of your selected product (heart valves). Develop a budget for you plan.
Stage of Product Life Cycle and Impact on Decisions Made
Products go through several stages from conceptualization of the product to its end. A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
Products tend to go through five stages:
1. New product development stage
* Very expensive
* No sales revenue
2. Market introduction stage
* Cost high
* Sales volume low
* High prices
3. Growth stage
* Costs reduced due to economies of scale
* Sales volume increases significantly
* Prices to maximize market share
4. Mature stage
* Costs are very low
* Sales volume peaks
* Prices tend to drop due to the proliferation of competing products
* Very profitable
5. Decline stage
* Sales decline
* Prices drop (lower prices may lead to lower value perception)
* Profits decline
Factors that will impact the movement:
The factors that will impact the movement across the product life cycle are:
1) Acceptability of the product by the customer
2) Competitors' action
3) Product strategy by Riordan
Case of Heart Valves- Growth stage
Our product is in a growth stage as there is a huge demand due to rise in the patients and the stress levels. Thus the market size is large and the segments we have already discussed in the earlier response. We have to understand that the growth stage, a product starts to experience rapid sales and profit ...
A product life cycle is discussed for Riordan manufacturing of a new product.