Top 5 Product Cycle Stages to Spice up Your Export Business

The Product Life Cycle is the whole process of product goes through the first introduction into the market till the decline process and it is removed from the market.

Product Life Cycle Is The Main Wheel Of The International Trade Cycle !!

Some products may stay in the maturity stage but all products mainly phase across the market. Because of the several factors like saturation, increased competition, decreased demand and dropping of sales.

ROLE OF Product Life Cycle In International Trade

International Product Lifecycle (IPL ) mostly gives a brief about how the company evolves over time and beyond national borders. It shows the development of the company’s marketing program.IPL showcases economic principles and standards like market development and economic scale.

These are the main key elements of the International Product Life Cycle.

1. Layout for the demand of the product.
2. Manufacturing of the product
3. Competition in the international market
4. Marketing stratergies

Product Life Cycle Plays An Very Important Role In Every Business Process Including Export Import World.

Product Life Cycle

The 5 Steps Of the Product Life Cycle And  Give The Height To Your Business!!

At this point, a new product is launched in the targeted market. Customers are not much aware about this product. Customers who aware about the presence of this product are willing to pay a high price in order to get the best quality. For e.g Self-driving cars. Self-driving cars are still at the testing stage, but the company hoping to be able to sell it to the early adopters soon.

At this stage product meets to need in its targeted market.Competition is low and at this stage Product lifecycle noticed by fluctuating increase in prices , high profits and promotion of the product on the huge scale.
For e.g 
Electric cars.  Tesla Model S is in its growth phase.

In this stage of the Product Lifecycle, the level of product demand increases slowly. There is a decline in the export sales due to duplicate products are reported in the foreign market.

For e.g DVD players – It introduced of many years ago. Manufacturers that make DVDs needed to play them. They still have to deal with the challenges form technologies

This is the level of PL where sales of the product touch the height and no further increase. This stage is mostly covered by the saturation of sales.

This is the final level of the Product Life Cycle.At this point sales increases and many products removed or their usage get discontinued.Country export original products to the original exporter’s home market.

For e.g. Typewriters and electronic word processors. These are come under the final stage of the product lifecycle.

CONCLUSION

Once you totally understand the importance of  above 5 stages of product life cycle ,you can take step forward and can achieve the business goal. 

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