Product Life Cycle |Different Stages of product life in Hindi | Introduction-Growth-Maturity-Decline - YouTube

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Product has a life just like a human being

We born and die,and live in between

Similarly is for a product,it is made,grows in market,then it becomes obsolete and closed

So with this was born life cycle of product

where we understood how a product was made and then died i.e got obsolete

So keep watching this viedo,we will talk about this today

Hello friends,my name is Sahil Khanna and you are watching Intellectual Indies

So the first thing that comes here is Introduction phase

Here the product comes in the market and people get to know about it

So if you are introducing a product then your marketing expenditure will increase

And growth rate may become too less

People are not taking that product or you are not making that much profit as much you are spending

So the introduction phase is loss making proposition

So it is seen that company makes more losses in introduction phase

So to be safe from it,company tries to be as less as possible in introduction phase

So after introduction comes the growth phase

Here people know that this product is in the market and unique

Specification and value proposition in this product is very good

So people start taking it and your market share increase

Profitability increases with market share

As you can see the graph is steep,constantly growing up

People are taking it and you are making profit

Now for how long people will take your product? There will be a time when everyone will have your product

Now they are not going to sell and buy your product again..this stage is maturity stage

When majority of your target ausience have your product

So what haappen is here you dont need to do marketing that much

If your product is good,then your product will grow by word of mouth

People will take your product..like lets say samsung S8

Whether it is in introduction or growth stage,tell me above

Samsung s8 is giving edge to edhe display which is no given by anyone

LG tried to but samsung O LED display,the curve display is only with samsung

That is their differentiation strategy

So even if LG tries then also it cannot compete with samsung in that category

So when s8 came in market, there was great hype, ads all over

Same if you see One Plus, so many expenses was made in its introduction phase,so many events were organized

Big YouTubers were informed..1 Crore was given also,I have seen live in youtube

They did lot of spending but what mistake they have done is overpriced their product

They came from introduction to growth phase,but that steep or growth rate,they made that hamper

Why? Because the rate of their product was very high

Not costly,but if they would have made it in range of 30K people would have taken more

And their profitability and market share would have increased

Now lets come back to the topic,maturity stage,everyone have your product and its demand has started falling

Demand has started falling,from here start the next phase,declining phase

where your growth rate falls completely

Lets say there was an old pone..will you take it today? NO because its specifications are old now

At todays date you will get a better phone at low proce,like lets take nokia n8

versus note mi 5 the note 4

Which one will you prefer? Lets say nokia n8 is still of 50K

With same specification you will prefet note today

This is the main agenda of declining phase

You have to understand that product is now in declining phase and must close it

and one more thing as one product comes in the maturity stage, launch your another product in introduction phase

Like strategy of samsung or iphone..as their one product grows and comes in maturity stage,they launch their another product like in case of samsung or note

At one place they launch galaxy and note at other

As they come into maturity they launch note and as note comes to maturity they launch galaxy

IPhpne follows the same strategy..first launches a normal phone and then its S series

I had to open your mind that how to handle this phase

Keep one thing in your mind that the graph I am showing you is not neccessarily to be same everytime

It may be possible that intoduction phase is too large,growth rate is increasing,a liitle maturity stage and then declines suddenly

It may be possible that growth rate is not that much and it never declined i.e stays in maturity stage forever

Like amul butter..it is in maturity stage..everyone takes it

But it is not declining..everyone knows that whenever I want to buy will go for amul butter

refined butter came in between but thats fake..if anyone of you is taking that stop taking it

It is that cheap butter which has no cholestrol..its not butter its refined

It is better to put refine in your chapata and have it..no need to spend money

This was life cycle of product..next week will talk about BCG matrix..like les say there is a company having many products

So how does the company differentiate that?

This topic ends here,hope you understood..if any problem ask me in comments..dont forget to like and share

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So bye good night shabba khair khuda hafiz