Evaluate The Usefulness Of The Product Lifecycle To A Firm Essay

In this essay I will look at the advantages and disadvantages of using a product lifecycle, as well as evaluating the usefulness of such a model to a buckram.The Product Lifecycle is a part of the portfolio analysis, in which a firm can analyse the stages in a products life. It is a model used to advocate with decision making in a firm, and part of the selling planning process. The shape and length of the lifecycle varies with the assorted products, as each one is unique. The different stages are launch, growth, maturity, saturation and decline.How useful is the Product Lifecycle?. There are several different uses it holds to a firm. Managers use it because it highlights the need for a firm to change its marketing policies at the different stages of a products life. It then aids them in planning expose their marketing strategies.A firm might draw out a Product Lifecycle to identify the stage at which its product is at in the lifecycle, from thither they can decide what to do t o keep the product alive or to maintain high sales.The Product Lifecycle can be used as an aid to set budgets within a firm as well. For example, if a firm produces a product lifecycle for a product and identifies the stage it is in, this can set budgets for its marketing/promotion department, its production department and its distribution department. For example if a firm sees that its product is still in the growth stages of the lifecycle, they are going to have to present a lot of money in its development (...