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The product life cycle (PLC) is a crucial concept in business studies. It describes the progression of a product from its initial introduction to the market until its eventual decline or removal. Understanding the PLC is essential for managing marketing strategies and product management.

During The development stage, a product idea is conceived and transformed into a tangible product. Research and development (R&D) play a significant role, involving market research, prototype development, and product design. Costs are high, and there are no sales yet.

In the Introduction stage, the product is launched into the market. Focus is on marketing and promotion to build awareness and attract early adopters. Sales grow slowly, and profits are minimal due to high marketing and production costs.

The growth stage is characterized by increasing sales and market share. The product gains acceptance, and word-of-mouth promotion helps boost sales. Companies may invest in improving product features and expanding distribution channels. Profits start to rise.

During The maturity stage, the product reaches its peak in sales and market penetration. Competition is intense, leading to price adjustments and promotional efforts to differentiate the product. Companies aim to maximize profits and extend the product's market life.

The decline stage sees a drop in sales and market share as consumer interest wanes or newer products emerge. Companies may reduce marketing efforts and production. Decisions need to be made on whether to rejuvenate, phase out, or discontinue the product.

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1.Introduction Stage

Flying Taxis: Currently in the introductory stage, focusing on development, regulatory approval, pilot programs, and generating initial market interest.

Hyperloop: Another example of public transport in the introductory stage, with companies like Virgin Hyperloop conducting feasibility studies, prototype testing, and regulatory discussions.

2. Growth Stage

Electric Scooters (E-Scooters): Rapidly gaining popularity in urban areas, with ride-sharing companies expanding their fleets and entering new markets.

Electric Buses: Increasing adoption in cities aiming to reduce emissions, supported by advancements in battery technology and government incentives.

3. Maturity Stage

Taxis: Well-established with widespread acceptance, facing competition from ride-sharing services like Uber and Lyft. The market is stable, focusing on service improvements and innovations like electric and autonomous taxis.

Buses: Fundamental to public transportation systems globally, with stable demand. Innovations include electric and hybrid buses to improve efficiency and reduce emissions.

Trains and Subways: Core components of urban and intercity transport networks, offering stable services. Continuous investment in infrastructure and technology to enhance efficiency and passenger experience.

4. Decline Stage

Traditional Gas-Powered Buses: As cities shift towards greener alternatives, traditional gas-powered buses may see a decline in demand.

Horse-Drawn Carriages: Once a primary mode of public transport, now mostly limited to tourist attractions and special occasions.

Additional Examples in the Growth Stage

Bike-Sharing Programs: Expanding rapidly in urban areas, including both traditional and electric bikes, catering to increasing demand for sustainable and convenient transportation.

Autonomous Shuttles: Emerging technology in the growth stage, with pilot programs and increasing interest in integrating autonomous shuttles into public transport networks.

Summary

Public transport modes at different stages of the PLC show varying degrees of adoption, technological advancements, and market dynamics. While traditional options like taxis and buses are in the maturity stage, newer technologies like electric scooters, electric buses, and flying taxis illustrate the introduction and growth phases, reflecting ongoing innovation and changing mobility needs.

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Understanding the product life cycle is vital for business students. It aids in strategic planning, marketing decisions, and managing a product's journey in the market. Mastery of this concept prepares students for real-world business challenges.

Case Study: Apple's iPods

Apple's iPod is a classic example of the product life cycle. Introduced in 2001, it saw rapid growth and widespread popularity, reaching maturity in the mid-2000s. However, with the advent of smartphones, iPod sales declined, and it was eventually discontinued in 2022.

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Product Life Cycle of Cable TV

If you’re a 90s kid (or older), then you probably remember the days of switching TV channels to find something to watch. While cable TV may seem like something archaic in front of Netflix and Hulu, there are still many who still use it.

Development: in the first half of the twentieth century, cable TV was developed by John Walson.

Introduction: the first commercial TV was introduced in 1950.

Growth: cable TV saw the first hints of success in 1962, and began gaining traction after a long freeze on its development due to regulatory restrictions. By 1980, over 15 million households had cable.

Maturity: nearly seven in tn households had cable as cable TV matured in the 1990s.

Decline: the development of on-demand services and high-definition TV (HDTV) led to the saturation of cable TV at the beginning of the 21st century. It faced a major decline after streaming services like Netflix and Hulu gained popularity.