Product Life Cycle

Objective

What are some of the factors that allow one product to enjoy a very long life cycle while others have a very short one? What are some products that you use that have had a long PLC? What are some products you have used with a short PLC?

There are some key determinants of whether a product will live into a ripe old age or whether it will be hot one season and gone the next. Some factors to be considered are the target market, the time and place, and or the type of market/industry/business. Most of these factors are interrelated and it may sometimes be hard to discern all the possibilities, but here I will present a few.

Although any product’s lifecycle can be either long or short, there are usually some market indicators that can predict whether a product will be headed towards an early demise. Beginning with the target market, one may rightly assume that products marketed towards kids, teens, and young adults are good candidates for a short PLC because individuals within this age group have a tendency to change opinions, attitudes, beliefs etc. compared to their older counterparts that are relatively more stable and predictable in their consumer habits. Other factors that may indicate a short PLC are the timing and place in which the product is introduced. If a product is released to early or too late in the season, it may very well devastate the products PLC. For example, suppose a new company in the game console business were to release their own new gaming system just weeks before mega-player Sony released its much anticipated PSP (Play Station Portable) console. Another factor could be that of introducing the product to the wrong market altogether, such as John Deere promoting its new improved backhoe to city dwellers, although highly unlikely, you grasp the concept. Of course one of the first thoughts when considering short PLC’s is the area of technology. With so many improvements, so many innovations, products that were introduced a mere two...