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Cover Story of this week: Celebration of WORLD MARITIME DAY 2020- NMDCC Chennai host webinar - organised by CMMI, IMI(E) and The Nautical Institue






STUDENTS' CORNER - 141

The second obstacle to supply chain strategic fit is the decreasing product life cycles.
It is good we should spend some time on the product life cycles and their importance in marketing. After all, supply chain forms an integral part of the whole process of marketing.
The concept of product life cycle is actually based on the very life cycle of every individual.  The span of human life is generally divided into four phases: childhood, adult, old age and death.  The product life cycle reflects the same sequence of stages.
Introduction of a new product (childhood) is followed by growth (adult) and passes through maturity (old age) and decline (death). This sequence is called the product life cycle and it is inextricably linked to changes in marketing situation, impacting the marketing strategy and the marketing mix.
At any stage, the end of any good business points to sustained enterprise which in turn derives its sustenance from money, that is, profit. Let us see briefly in what ways a business engages itself at every stage of the product life cycle.
When a product is introduced, the company has to spend considerably even for some crucial tasks during pre-introduction phase like market research, selection of a product and the target for the product, advertisement, so on. Despite massive expenses for the introduction of a product, understandably, the sales will be low. The product has to earn customers and this is a great challenge for even popular products. No demand has been created and the people, the possible customers do not even know the existence of the product.   Persistence in efforts and patience for results are required at this introduction stage.  All the activities of the company must be directed to create awareness of and demand for the product in the market.  The supply chain must be so monitored that there are no lapses in the flow of the things, from the raw materials to the finished products, during the period of uncertainty, in terms of sale and demand.