Product Life Cycle of Panasonic Company

Product Life Cycle

The diagram above shows that the respective sales (in red) and profits (in blue) across five stages are illustrated.

The typical Products Life Cycle consists of five main aspects :

* Product Development Stage

* Introduction Stage

* Growth Stage

* Maturity Stage

* Decline Stage

* Product Development Stage

Product Development is a very expensive stage. Panasonic Company will carry out Research and Development (R & D) at this stage. Panasonic Company may decide to introduce its products or not to the market at this stage. They need to do more research for the markets before introducing it to the markets. In product development stage, Panasonic Company can get initial ideas by doing market research by identifying gaps in the market and listening to the feedback from customers. They also can get the ideas by monitoring competitors. If the organization is not able to generate ideas from its customers, company can look at competitors’ products to find its strength and weakness. Panasonic Company will have to listen to employees not only customers. They must always have new different ideas nobody ever have. This is able for them to think for improving the products. Panasonic Company must be innovative by creating new products. Bidet and Food Grinder can be found in this stage.

* Introduction Stage

This stage of the cycle could be the most expensive for a company launching a new product.

The size of the market for the product is small, which means sales are low, although they will be increasing. On the other hand, the cost of things like Research and Development (R & D), consumer testing and the marketing needed to launch the product can be very high to create awareness among customers, especially if it is a competitive sector. Introduction stage emphasis on advertising and distribution. For example, Juicer and Blender.

* Growth Stage

The growth stage is typically characterized by a strong growth in...