Evaluate The Usefulness Of The Product Lifecycle To A Firm Essay

In this essay I will look at the advantages and disadvantages of using a product lifecycle, as well as evaluating the improvement of such a model to a firm.The point of intersection Lifecycle is a kick downstairs of the portfolio analysis, in which a firm go off analyse the stages in a products life. It is a model exercised to aid with decision making in a firm, and part of the selling planning process. The shape and length of the lifecycle varies with the contrasting products, as each one is unique. The divergent stages ar launch, growth, maturity, saturation and decline.How useable is the Product Lifecycle?. There are several different uses it holds to a firm. Managers use it because it highlights the need for a firm to change its marketing policies at the different stages of a products life. It then aids them in planning out their marketing strategies.A firm might draw out a Product Lifecycle to identify the stage at which its product is at in the lifecycle, from thithe r they can decide what to do to keep the product alive or to maintain high sales.The Product Lifecycle can be used as an aid to set budgets within a firm as well. For practice session, if a firm produces a product lifecycle for a product and identifies the stage it is in, this can set budgets for its marketing/promotion department, its production department and its distribution department. For example if a firm sees that its product is still in the growth stages of the lifecycle, they are going to have to invest a lot of money in its development (...