International Product Life Cycle

Introduction

Since that all the living things that has heart beat need to go through the cycle of life which is birth, growth, maturity and finally death. This concept is suitable acknowledgement of what happens to products and industries nowadays. When using this to an organization, the product life cycle will bring up the four stages which is consist of introduction, growth, maturity and decline.

Each product has its own life cycles from launching the product until the final part of the product. In the process of launching the product, the product will reflect based on the sales made into the market. By increasing the profits, it will be the big effect of a company and the market because product life cycle management is very important.

By experimenting and understanding the product life cycle, it can give benefits to a company in order to understand and acknowledge when will be the appropriate time to bring forward and close the product from a market in comparing with other competitors for the product success and failure. To make a product successful into the market, the company must crucially think about the whole thing and manage product life cycle properly and carefully.

Product Life Cycle Model

Product life cycle consists of four phases which is introduction phase, growth phase, maturity phase and finally decline phase. Each of these phases can be use to all of the products or services for example like automobile industry, airline industry and even electrical appliances. In fact, product life cycle not necessarily can be implemented on the multibillion ringgit industry; it can even affect the small product like retail product which likes low rated canned drinks and junk foods.

Figure. 1: Product Life Cycle Graph

Introduction Phase

This phase is about bringing forward the product into the local and international market and makes an extreme impact on sale. For example like launching of iPhone by Apple Computers.

Huge amount of money spent on...