Product Life Cycle Theory - Assignment Example

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This paper stresses that the product from its introduction in the respective market comes across different experiences and challenges. If the product then becomes successful to overcome these challenges and gains a promising outlook, the product starts incurring a growth in its market value and share. …
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Product Life Cycle Theory
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Download file to see previous pages Based on this belief, economists related the fact of ‘Product Life Cycle’ with that of a ‘Human Life Cycle’. Notably, in the history of marketing, there are numerous products which disappeared from the market because it could not face the challenge in its life cycle. As such, the life cycle of a product can be differentiated into various phases, such as the Introduction phase, Growth phase, Maturity phase, and Decline phase. Another phase was introduced later, called the Development phase.
Relatively, with watch industry, the matter happens to be slightly different. From the early birth stage of watches, it has been termed to be the only product reflecting dignity, pride, and luxury in the world market. Not every person had the right to hang a watch on his wrist or chain. But slowly it gained its mixed reputation to be a necessity and luxury as well. This makes the context even more complicated because if the watch is termed to be a luxury product, then the industry is strongly influenced by the product life cycle. But certainly, if it is termed as a necessity, as done by most of the low-income group, the industry is likely to be somewhat unaffected by the theory. To this context, the most appropriate example shall be the Swiss Watch Industry which is rooted in the 1600s, facing all the phases of the product life cycle theory and making watch a necessary item for all groups of customers irrespective of their viewpoint.
From the dawn of its invention, watches have been reflecting the status, personality, and lifestyle of a person. Over time, watches have gone through a transformation and have gained privilege as more of a luxury product than an item of need. Even in the 21st century, a watch is used to highlight the class and pride of the user. Therefore, similar to any other fashion product watches also include itself in the Product Life Cycle model in the international market. ...Download file to see next pagesRead More
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