Simple and yet the detailed description of

The (Product Life Cycle).This assignment is neither copied nor

Stolen it is a genuine of Syed Elahi.

All rights reserved to the author of the assignment.

2016
PRODUCT LIFE CYCLE 2

Author:
SYED MAHMOOD HASHIMI
6/14/2016
 June 14, 2016 PRODUCT LIFE CYCLE 2

Product Life Cycle

First of all I would like to ask myself a question that what really the
(Product Life Cycle) means.
According to me it means the cycle which shows the start and end of a product.
It’s a cycle which shows the birth and growth and death of a product in more
simple words.
Idea
Withdrawal R&D

Decline Prototype

Maturity Introduction

Growth

Which includes the following stages in my own
words:-
1. Idea.
2. Research and Development.
3. Pre-Launch or Prototype.
Figure 1.1
Idea and R & D are the same
but for full explanation,
I have listed them separately.

4. Introduction and Production.

5. Growth or Increase in Sales.
6. Maturity or the highest peak of the products sales.
7. Decline or decrease in Sales.
8. Product Withdrawal or Death of the products life.
The above mentioned 8 points of the product life cycle are of my concept.
SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 2
 June 14, 2016 PRODUCT LIFE CYCLE 2

Introduction

Decline Growth

Maturity

Figure 1.2
While in the marketing world there are only four points which are as mentioned
below:-
1. Introduction
2. Growth
3. Maturity
4. Decline

The above mentioned 4 points of the product life cycle are generally and widely
known. I have described the product life cycle according to my own concept
which covers the most known 4 points of P.L.C.

SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 3

 June 14, 2016 PRODUCT LIFE CYCLE 2

1:- Idea

What is the idea in the product life cycle?

Well the idea is the concept of a product which is based on the need and
demands of the market, without an idea there cannot be a product.

There are different types of ideas; I would like to tell you guys just about some of
them.

1- A concept of a new product which is not available in the market something

unknown to the market, something new, useful and yet something which is
needed in the market.

Practical Example: The iPhone

IPhone was a new idea, a phone which had a touch-screen, a phone which used
no keypad, which was developed for the easy use of internet and to facilitate the
customers of the market, more clearly a Smartphone.

Steve Jobs the inventor and C.E.O of apple said that he had invented the iPhone
based on the needs of the people not on their wants.

2- A concept of further improving and developing a product (already available)

in the market
A product which is already available in the market and you want to offer
the same product to the market with further improvements and additions.

Practical Example: The Samsung Smartphone’s

Samsung is offering a series of Smartphone’s to the market with further

improvements and additions in competition with the iPhone, now Smartphone’s
are already available in the market but Samsung is producing the Smartphone’s
which are further improved and developed, they have additional functions which
others don’t have and the reduce the price comparing to the price of other
Smartphone’s.

SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 4

 June 14, 2016 PRODUCT LIFE CYCLE 2

2:- Research and Development

First of all what is (R & D)?

Research and development is a department in every business where in my words

your idea gets its shape, but logically it’s a place where experiments occur for the
purpose of new products or for the purpose of further improving and developing
the current products.

3:- Prototype

What does prototype mean?

The prototype means the model of idea after it has been developed.

Prototypes are used for the testing of the products inside the company and inside
the market before its introduction to assure that weather the products functions
are working properly or not to determine that weather the product is a success or
a failure or to be clear is it a product which is worth to be invested in?

4:- Introduction

What does introduction mean?

Introduction means to introduce something/someone but in P.L.C introduction

means to introduce a new or a further developed product to the market.
This is the point where the idea is successfully developed and tested and is now
produced and introduced to the market.

Note: - After introducing the product to the market the company starts
advertising the product and invests a lot of money in promoting the product and
its sales by various ways.

5:- Growth
Now what does growth mean?
Growth means the process of increasing, and in P.L.C by growth we mean
increase in the products sales and increase in its profit to the business.
SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 5
 June 14, 2016 PRODUCT LIFE CYCLE 2

6:- Maturity
What does Maturity mean here?
Originally the word “Maturity” comes from the word mature which means
someone/something fully developed or fully grown. Maturity means the state or
period of being fully grown and in P.L.C, maturity means the state where growth
becomes mature or the stage where the growth of the product has reached its
peak and cannot grow any further.

7:- Decline
What does decline mean?
Decline means decrease and in P.L.C it means decrease in the products sale and
decrease in its profit to the business.

8:- Withdrawal
What is withdrawal?
Originally the word “Withdrawal” comes from the word withdraw which means
taking away or removing something from a specific place, and in P.L.C it means
the removal of the product from the market, Because of less sales and lots of loss.

SYED MAHMOOD HASHIMI | PRODUCT LIFE CYCLE 6