Product life cycle shows us how at one point a particular product is very popular, and a “must have” product, and now we don’t even use it. An example of that would be a CD or CD players. Back ion the days they were so popular and we had hundredths of CD’s at home or in our car. Now, we barely buy any CD’s because we can download everything directly which is more practical and easier to find a particular song that you are looking for. Who would think that CD’s or cassettes would not be sold in many stores?
Each product goes though life cycle where the stages are Introduction, Growth, Maturity, and Decline. When a product is introduced, everyone must have it especially when it comes from Apple. Many people would buy a product without the need for it. I know so many people that have all of the Apple’s products, but each of them says that they were very pleased with all of them. In the Growth stage a lot of forecasting is crucial because companies need to see what could be a demand for their product. When a product hits Maturity stage, a standardizing happens where loyal customers will continue to buy products from that particular brand such as Apple’s products. Unfortunately, CD’s, cassettes and CD players are defiantly in the Declining stage where only very few people would actually still own them. Technology is improving day by day and each product is losing its value on daily basis.
It is very hard for a company to keep up with their sales where new and improved items are coming out almost daily. The competition in technology is very high and every company wants to beat the previous product. Companies are looking for flaws in products and then try improving them to customer satisfaction in order for their product to be better than their competitors, and will have higher sales.
It is all about the competition in this market place. If your product does not meet customer’s satisfaction it will not be successful in the market even though company might be doing improvements to their original product. Once a customer tries a product and he or she is not satisfied with it, it is unlikely that he or she will try the “improved” version, unless the change is something very dramatic.
What could we expect from major competitors in technology such as Apple? Defiantly it will be something very dramatic and something that we have never seen before.
Which product do you think will be next to being almost forgotten?
