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The product life cycle is made up of 4 stages: Introduction, Growth, Maturity, and the Decline stage. A product goes through these 4 stages in a certain period of time. Some products tend to last longer than others whilst making a good amount of profits. However, there is another type of product where it is a FAD. This is when the product booms for a limited amount of time and makes a substantial profit. Also, there is the seasonal product which makes a fair amount of profits only in certain seasons and very little to no profits in other seasons.

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One product that is still in its introduction stage is the Virtual Reality system. This product allows you to experience different things that could be hard or impossible to do in real life. Although this product has been around for over a year now it's still in it's early stages. The VR was released in April 2016 and until now it has a few hiccups, and glitches which makes it in it's early stages. The target market of this product is for people between the ages of 20-29 years old. Also it targets those who are innovative and enjoy testing or reviewing new items. Some disadvantages that the product may be going through in this stage is that the product either has losses or no profit at all, the costs are high, and has a small market. However some advantages would be that this product has no competitors and is being sold at a high price. In my opinion, i think that this product will become a trend because it is the first of it's kind and will attract the up coming generations and eventually would become the norm in it's maturity phase.

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A product going through the growth phase is the car that runs on electricity. The electronic cars were introduced globally in August 2106 and now are in the growth phase. In this phase, some advantages are that the product has reduced costs, greater consumer awareness, and increase in profits. However, the product still has some disadvantages. Firstly, competition increases which means they have to have amazing quality while still maintaining an affordable price. Secondly, the product will have to be sold at a lower price in order to beat the competition and to succeed. Finally, the company most likely has to change it's marketing approach. This means that they have to change their approach in a more sophisticated manor in order to attract even more customers and to widen the target market. In my opinion, i also think that the electronic cars will become a trend since they are cheaper to run and maintain than vehicles that run on gasoline or diesel. Not to mention, one major trend right now is living the healthy and Eco-Friendly lifestyle and using this vehicle, pollution will be reduced and a cleaner environment will be maintained.

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Wired earbuds/headphones have been the trend for a while now and now they are in the maturity phase and soon to be in the decline stage. Being in the maturity stage has some advantages. Firstly, reduction in cost is continued which means there is an increase in profit. Secondly, the market share will increase through differentiation. That means that the company starts to earn profit from different ways and sources. That could help for the time being however, it tends to end when the product reaches decline. Some disadvantages are present in this stage. Firstly, there will be a decrease in the market share since there are fewer new customers. Secondly, profits start to decrease and inventory starts to increase while sales start to decrease. Also, in this stage, the target market is the early and late majority customers. These types of customers are the type to listen to their friends and social media more than anyone else and often have below average income. This item has been a trend so far and and are about to decline since wireless earbuds and headphones are slowly taking over the market.

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A product that is going through the decline phase is the fidget spinner. The fidget spinner became popular in 2016 and is now declining fast. The fidget spinner is a fad since it has had a boom in the market for a short period of time and dropped like a hot tamale. There are a few advantages to the company in the decline stage. Firstly, the company will have a cheaper production. The company could be able to revive the product at this point by making production cheaper and start selling the product somewhere else and expand there. Secondly, cheaper markets. This means that the company has to look for a new, cheaper market to work in. Some disadvantages are: an unprofitable lifespan in the market, which means that the product became  unprofitable real quick, falling sales and profits which could lead to product withdrawal, and product withdrawal, which is the result of negative to no profit at all, and so the company has to drop the product in order for it to not lose money. Finally, the target market for products in the decline phase would be laggards and children. Children would be the target market because they are easily attracted to items, and would be interested in anything they don't have so if anyone were to buy declining products, it would be children and laggards which are behind in life.

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Each product has to go through these 4 stages no matter the lifespan of it. Each stage has it's advantages and it's disadvantages. Which means that a company could benefit from each stage as per reasonable doubt.

BY: SAM & DAN

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https://www.qualitylogoproducts.com/blog/innovation-adoption-curve/

https://prezi.com/j3eg4b3ullqy/product-life-cycle/

http://productlifecyclestages.com/product-life-cycle-stages/maturity/