Each product has a start and end means they have a lifespan.

Stages through which individual products develop over time are called
'product life cycle'. So what is the product life cycle? Here I will help
you learn about the product life cycle and strategic objectives of each
stage.



The first, Product Life Cycle is a cycle that describes stages
during a product that exists. This journey starts from the day they are
just ideas, until they completely disappear from the market. We can see
the product just like humans, they are born at a time and leave at
another time. And this product life cycle is long or short depends on the
market, industry and efforts of the business. This definition not only
helps us to shape before the actions that need to do through the stages
in the product life cycle but also create efforts to rotate to make their
enthusiastic products exist longer than on market. Thereby generating
more profits. The Product life cycle has four major stage which are:

-Introduction Stage, this is a business period that costs a lot of
money to introduce products out of the market. If the valuation strategy,
the positioning of the wrong product can reduce the value of the
product. If your market is too small, sales are very low, you should
balance marketing strategies if you are not sure about the market
signal.

The target customer is the one who likes the first to use the product,
who likes to explore and test.

-Growth Stage, in this stage The product will quickly get big
revenue and bring about your company profits. When the dominant
product market will give you the largest marginal profit.

-Maturity Stage, with this stage Marketing strategies to refresh the

product or release alternative product lines need to be focused. Sales
sales are stable and start gradually decreasing over time due to the
appearance of many competitors, losing market share or non-consumer
products suitable for consumers.

-Decline Stage, the product starts to bring low profits, selling

costs for high start products. Should reduce prices to increase output
to have revenue during this period.



The second, Typical marketing goals and strategies for each
stage of PLC :

-Introduction Stage, Strategy penetrating slowly: bringing

products to sell in the market at low prices and low promotion activities.
Low selling price will ensure interest levels during product introduction.
For example, Vingroup's new car launches Vin-fast.

 -Growth Stage, The goal is to quickly expand the market to
capture the leading position, promoting advertising .The goal is to
quickly expand the market to capture the leading position, promoting
advertising. For example, Vin-fast cars discounts for customers,
donating promotion cards to increase sales increase in profits. Improve
service quality, invade the US market.

-Maturity Stage, This stage market begins to develop slowly, fierce
competition. Business strategies can be used as market changes,
changing products, changing Marketing Mix. For example, For
example, Vin-fast has more colors for car models, promotional
discounts, increasing customer care services.

-Decline Stage, The selling amount decreased, the ability to loose
large losses. Good strategies like market mining, withdrawal from the
market. For example, VietNamPost telegraph service due to excessively
competitive modern services lead to recession.

Conclusion, The product lifecycle represents us both the process
of birth and death. Let us know the life cycle of a product, difficulty and
convenience of the business.