Written Assignment Unit 4 1
BUS 5112 Marketing Management
Written Assignment Unit 4
December 5, 2020
Written Assignment Unit 4 2
Introduction
Any product undergoes a process right from its introduction to the customers up to the
decline time. This process is known as product lifecycle and it has four stages, that is,
introduction, growth, maturity, and decline (He et al., 2019). Products finally get out of the
market although some experience a prolonged maturity state. The product life cycle is very
useful as is allows organizations to come up with tactics to withstand their product in the market.
I chose to analyze two products; typewriter and videocassette recorders.
Product lifecycle of two products
Typewriter
A typewriter is a good example of identifying the scope of product life cycle. A
typewriter was first introduced in the late 19th century where it experienced tremendous growth
because it was seen as a technology that made writing easier and efficient (Kuka, 2018).
However, as a result of technological development that has evolved rapidly, new electronic
technology like computers, laptops and the invention of the smartphone in the market have seen
typewriters being quickly replaced with the new technology. As a result, the revenue and demand
for typewriters dropped significantly.
Companies such as Microsoft, Apple Inc. have overtaken typewriter companies with their
introduction of computers, laptops and other devices that have made it easier to type and write
than typewriters did. At this point, typewriters can be considered to be at the decline stage as
they are recording minimal or no sales and demand or they have drastically decreased.
Computers, laptops, and smartphones have now become increasingly used in the modern world
Written Assignment Unit 4 3
for making working easier such as typing and doing other tasks. Computers, laptops, and
smartphones are now in the growth stage.
Videocassette recorders
Videocassette recorders were very popular in the 1990s and most millennials grew
watching or using videocassette recorders. It is very hard to find these videocassettes in today's
households at they have been replaced with new technology (McDonald, 2019). Videocassette
has been phased out by the emergence of streaming sites such as YouTube, Netflix, and Amazon
making them fall deep to the declining stage. The demand for videocassette has reduced and their
sales revenue have reduced as people have turned to the groundbreaking technology.
Examining product lifecycles of the two products relative to how they affect a company’s
marketing strategies.
Companies can benefit from the examination of product lifecycles because they can
determine whether to come up with new products to continue generating revenue mostly during
the maturity and decline stages of their product. Several pricing models can be used when a
product is in the introduction stages to help in sales generation (Hedberg et al., 2017). Such
models include price skimming or price penetration. Through price skimming, companies can set
high prices for their product during initiation and reduce it to skim groups during market
expansion. Price penetration will allow the company to set low prices to enter the market and the
demand for its products will increase.
Suggestions
When an organization fails to understand the introductory stages of the lifecycle of its
products, more specifically when no response is made from the customers during the initial
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phase of a product. This might be due to price factors or the usefulness of a product (Hedberg et
al., 2017). Examination of product advertisement and packaging as well the product pricing
would be essential to enhance product sustainability in the market.
Conclusion
Companies benefit a lot when they carry out product lifecycle analysis as they obtain
relevant information about how to pivot their product in a new direction. Companies will be able
to take initiatives of developing their product through innovation and embracing new technology
to expand their product and maintain pace with the competition.
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References
He, B., Luo, T., & Huang, S. (2019). Product sustainability assessment for product life
cycle. Journal of cleaner production, 206, 238-250.
Hedberg Jr, T. D., Hartman, N. W., Rosche, P., & Fischer, K. (2017). Identified research
directions for using manufacturing knowledge earlier in the product life
cycle. International journal of production research, 55(3), 819-827.
Kuka, M. G. K. (2018). Product Development and Management Strategies. Product Lifecycle
Management: Terminology and Applications, 11.
McDonald, P. (2019). Video and DVD industries. Bloomsbury Publishing.
