Product Life Cycle
Product life cycle is vital in marketing, it describes the stages a product goes through from when it was first created until its removed from the market.
In the launch and growth part of the diagram it shows sales rising. In the maturity stage, revenues begin to even out.
Getting a product known beyond the launch stage usually requires costly promotion activity.
At some point sales begin to decline and the business has to decide whether to withdraw the item or use an extension strategy to attempt to boost sales. Extension strategies include updating packaging, adding extra features, lowering price or choosing a new and improved product to sell.
The product life cycle diagram above shows that usually exist four stages exist in the life cycle of most products.
Apple have improved throughout their years of production of iPhones. They started with the 1st Gen iPhone which was a smartphone touch screen with simple features such as web browsers etc; however they have now improved massively and are now onto the iPhone 5s, which comes in Black, Silver and Gold (Gold which has never been offered in any iPhone production), which also has a fingerprint scanner and a range of different, exciting features which have never been offered in any recognizable phone and iPhone previously.
The Wii U which is produced by Nintendo, had failed massively in its production, it received bad product marketing and reviews. It is potentially the worst production by Nintendo. It is still being produced but it isn't showing much in the public eye.
Nike Hypervenom Phantom Premium FG are produced by a famous Brazilian football play Neymar JR., they have just been produced and have a good product marketing as they are popular and have good quality. They are good for any weather conditions.