Product Life Cycle With intense global competition companies are constantly trying to keep up with the growing market. They do this by promoting and developing new products continuously. Every product that has been developed and entered the market has a product life cycle. This cycle represents where exactly the product stands within the market. This life cycle has a total of five stages: the introductory, growth, competitive turbulence, maturity, and decline stage. During the introductory stage a product has just been developed and entered the market. At this stage the company or producer of the company will see if the product can even compete within the market. This stage is known as to be risky as well as very expensive for the producer.
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At this time the product has successfully been introduced to the public; however, must still prove itself to be able to survive within the competitive market. A brand that can be associated with this stage is Tesla Motors. This company was formed in 2002 and has proven to pass the introductory stage. The reason this company is looked at as a growing company is because of its sales that have been going up within the past couple of years. With growing public concerns about the environment the company has proven to produce relying cars that may one day be seen on almost every block. The company has had both successful and unsuccessful when it came to developing and researching. It is at this stage where Tesla Motors and other companies find new ways to promote to different segments with its features and promotions. Tesla is known to produce eco-friendly electric cars and is considered to be one of the most dominant companies within that part of the market. The company is still testing out the waters for its automotives while at the same time developing and growing its brand and …show more content…
This is the stage where the brand faces a decrease in sales and consumers are no longer interested in the product. Although it takes some brands longer than others most products and businesses face this stage and is where the product line begins to decline. A brand or product will enter this stage if a substitute was found for its product or due to high competition. A brand that is facing this stage is Blackberry. Blackberry is a wireless handheld device that at the peak of its stage was considered the most reliable and popular mobile device. Unfortunately, when both the IPhone and Samsung Galaxy had entered the market the brand began to see a huge decline in its sales. The brand continues to struggle in the market, which many find surprising since ten years ago almost everyone owned the
At this time the product has successfully been introduced to the public; however, must still prove itself to be able to survive within the competitive market. A brand that can be associated with this stage is Tesla Motors. This company was formed in 2002 and has proven to pass the introductory stage. The reason this company is looked at as a growing company is because of its sales that have been going up within the past couple of years. With growing public concerns about the environment the company has proven to produce relying cars that may one day be seen on almost every block. The company has had both successful and unsuccessful when it came to developing and researching. It is at this stage where Tesla Motors and other companies find new ways to promote to different segments with its features and promotions. Tesla is known to produce eco-friendly electric cars and is considered to be one of the most dominant companies within that part of the market. The company is still testing out the waters for its automotives while at the same time developing and growing its brand and …show more content…
This is the stage where the brand faces a decrease in sales and consumers are no longer interested in the product. Although it takes some brands longer than others most products and businesses face this stage and is where the product line begins to decline. A brand or product will enter this stage if a substitute was found for its product or due to high competition. A brand that is facing this stage is Blackberry. Blackberry is a wireless handheld device that at the peak of its stage was considered the most reliable and popular mobile device. Unfortunately, when both the IPhone and Samsung Galaxy had entered the market the brand began to see a huge decline in its sales. The brand continues to struggle in the market, which many find surprising since ten years ago almost everyone owned the