Question

Distinguish product life cycle and new product development. Explain the various stages of product life cycle by taking an example of any small passenger car of your choice.

15 Feb 2024
Answer :
Word Count : 687

The concepts of the product life cycle (PLC) and new product development (NPD) are both essential in understanding how products evolve in the market, but they focus on different aspects of a product’s journey. Product Life Cycle refers to the stages a product goes through from its introduction to its decline, while New Product Development focuses on the process of creating and launching a new product. Both are integral to a company’s marketing strategy and influence decisions like pricing, promotion, and product adjustments.

Product Life Cycle (PLC) is a model that describes the stages a product goes through from the moment it is introduced to the market until it is eventually withdrawn. These stages typically include introduction, growth, maturity, and decline. The PLC provides insights into how marketing strategies need to evolve throughout a product’s lifespan. For instance, in the case of a small passenger car, like the Maruti Suzuki Swift, the company would adjust its marketing approach based on the stage the product is in.

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