Product Life Cycle
As consumers jump out of the old and in with the new, a product and its life cycle can
project what stage consumers are adjusting to. Typically, norms and fads. For the most part,
Eienstein’s theory of relativity can relate to this product life cycle in the phrase “what goes up,
must come down”. It is established that all products usually decline whether it is prolonged or
not. As we’ve seen in recent years with products like computers as they get out dated, and the
ever so famous VCR’s, many products are innovated or reinvented in order to stay part of the
struggling epidemic to milk a product for the most money it can generate. Companies also face
the threats of changing in customers tastes, advanced technologies, competition, and adaptations
to the spread of new markets.
Marketing experts have named the life of a newly developed product a “ product life
cycle” due to its statistical views as we’ve established in life that history has a way of repeating
it’s self. Companies usually produce their own new product or, buy the rights or licensing to
produce someone else’s idea. After it is developed it is only a matter of time that another
company designs a newer improved version, or tries to come out with a product to compete with
it. The “Iphone” for example has produced an un-imaginable amount of revenue for apple, as
other cellular phone companies try to compete, along with the cell phone carriers who race for
the competitive advantage.
It is said in studies that 70 to 90 percent of most new products fail within the first year of
being released. ...