Product life cycle

PRODUCT LIFE CYCLE

                It depicts the life cycle of a product , the stages through which a product goes and then is selected by the consumer. it helps the company in narrowing down its its options before the launch of the product for new 2 world products. 

    INTRODUCTION :

                        It is the stage where a product is introduced to the customer as a new to world product. a company fixes on one market and then launches that product. here it is decided which market with which product and which competitor to take it from.

     GROWTH:

                        It is the second stage of product life cycle where the customers and consumers of the product start increasing  that is the customers start accepting the product in the market. the profit during this time is high as customer requirement is fulfilled by a new product.

     MATURITY:

                        Then comes the maturity stage which is quite long period. here is the time when competitors come in, there may be a potential threat from the new entrants if the company does not keep on innovating the product line or else the last stage of the life cycle will start. kit kat is in its maturity stage but is facing competition from various other chocolates including chocolates from its own brand nestle.

    DECLINE:

                       The last stage of the product life cycle wherein you are left with less no. of customers as the product could not compete with the new entrants who bring new and innovative things.kit kat was in a declining stage when it had decided to only less at less selected stores later on they changed the strategy but still kit kat faces a lot of competition