UNDERSTANDING THE FIVE PRODUCT LIFE CYCLE PATTERNS : KEY INSIGHTS AND EXAMPLES

 The phases that a product goes through from conception to decline are represented by the product life cycle (PLC). Businesses can better manage their products and make informed well-informed decisions about pricing, marketing, and product development by having a thorough understanding of these stages. With the help of real-world examples to improve comprehension, we will examine five important product life cycle patterns in this piece.

1. Introduction Stage: Launch and Awareness.

The product's launch into the market is known as the introduction stage. Sales are currently slow, therefore raising awareness and sparking interest are the main priorities. To educate customers, businesses frequently spend a lot of money on marketing and advertising initiatives. 

For example: OMO Auto Detergent.  

With a distinctive feature - blue speckles that improved washing performance - OMO Auto targeted the luxury market when it was first introduced in 2005. Using effective marketing and in-store promotions to increase awareness, its launch aimed to set it apart from competing products.

2. Growth Stage: Rapid Market Acceptance.

The product becomes widely accepted during the growth period. Sales begin to rise sharply, and rivals might join the market. Because of economies of scale, production costs often fall as demand rises, increasing profitability. 

For example: OMO's Expansion.

Particularly in South Africa, where it has dominated the hand-washing and machine-washing markets, OMO has experienced tremendous growth. As customers realised how effective it was at cleaning, OMO added other products to cater to a wider range of demands. For example, it introduced machine-washing capsules and auto powder.

3. Maturity Stage: Peak Sales and Market Saturation.

The product reaches its maximum sales potential at the mature age. Profit margins may start to contract as the market gets saturated and competition heats up. To stay in business, brands frequently concentrate on making their items stand out from the competition and running promotions.

For example: Ariel Detergent

One of OMO's competitors, Ariel, is a perfect illusion of a mature product. Ariel's growth has slowed since it established itself as a premium product, but it still retains its market position by focusing on quality, innovation and focused advertising efforts.

4. Decline Stage: Sales Decrease and Market Exit.

Sales fall during the decline stage as a result of new technology, shifting consumer tastes , or market saturation. Businesses may decide to scale back marketing efforts, phase out the product, or discontinue it altogether. To prolong its life, some companies might, nevertheless, move the product.

Example: MAQ Detergent

MAQ is a reasonably priced launder powder that has been having trouble keeping up with the competition. MAQ's market share has decreased as consumers gravitate toward more upscale goods like OMO, and it is currently having trouble staying profitable. To combat this drop, MAQ might have to reposition or develop its products.

5. Rejuvenation Stage: Product Revitilisation.

Rebranding, adding new features, or breaking into new markets can occasionally give a product a second chance at life. This revitilisation can increase sales and prolong the product's life cycle.

 Example: Sunlight Detergent's Reinvention

Once a market leader, Sunlight reinvented its brand by launching eco-friendly versions to appeal to customers who care about the environment. Sunlight was able to increase its market share in the detergent industry by introducing new formulas and modernising its brand image.

In conclusion, any firm hoping to thrive in a cutthroat industry must comprehend the product life cycle. Businesses can modify their marketing tactics, increase profitability, and extend the life of their products by identifying the stage in which they are. Products such as OMO, Ariel and Sunlight show how businesses use marketing, innovation, and strategic decisions to move through different life cycles.