Chotukool was an unconventional cooling solution targeted at the bottom of the pyramid BOP segment in India.
Business Cycles ; Industry Life Cycle The theory of a product life cycle was first introduced in the s to explain the expected life cycle of a typical product from design to obsolescence, a period divided into the phases of product introduction, product growth, maturity, and decline.
The goal of managing a product's life cycle is to maximize its value and profitability at each stage. Life cycle is primarily associated with marketing theory.
The goal of any new product introduction is to meet consumers' needs with a quality product at the lowest possible cost in order to return the highest level of profit. The introduction of a new product can be broken down into five distinct parts: Idea validation, which is when a company studies a market, looks for areas where needs are not being met by current products, and tries to think of new products that could meet that need.
The company's marketing department is responsible for identifying market opportunities and defining who will buy the product, what the primary benefits of the product will be, and how the product will be used. Conceptual design occurs when an idea has been approved and begins to take shape.
The company has studied available materials, technology, and manufacturing capability and determined that the new product can be created. Once that is done, more thorough specifications are developed, including price and style.
Marketing is responsible for minimum and maximum sales estimates, competition review, and market share estimates. Specification and design is when the product is nearing release.
Final design questions are answered and final product specs are determined so that a prototype can be created. Prototype and testing occur when the first version of a product is created and tested by engineers and by customers.
A pilot production run might be made to ensure that engineering decisions made earlier in the process were correct, and to establish quality control.
The marketing department is extremely important at this point. It is responsible for developing packaging for the product, conducting the consumer tests through focus groups and other feedback methods, and tracking customer responses to the product.
Manufacturing ramp-up is the final stage of new product introduction. This is also known as commercialization. This is when the product goes into full production for release to the market.
Final checks are made on product reliability and variability. In the introduction phase, sales may be slow as the company builds awareness of its product among potential customers.
Advertising is crucial at this stage, so the marketing budget is often substantial. The type of advertising depends on the product.Lux life cycle Essay Sample. A new product progresses through a sequence of stages from introduction to growth, maturity, and decline.
This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the . Product Life Cycle Stage of Godrej Chotukool The product life cycle may be broadly described as follows: 1.
Introduction: This stage is characterised by Low competition, efforts to educate consumers about the product, trials and free samples. 2. Actual Customers In order to get a review of the customer structure two models are used. The UK socio-economic grouping and in addition the 9 Stages of life cycle (Wells and Gubar, ).
Godrej Refrigerators met these challenges with its own product development.
In , it unveiled the first-of-its kind refrigerator model in India, the litre deep door refrigerator; it followed this in with the roll out of a litre refrigerator in the frost-free r-bridal.com was, at the time, the largest refrigerator ever to be manufactured in India.
Lifebuoy in India: Product Life Cycle. Introduction • Lifebuoy, for long, has been associated with a big, red, chunky bar of soap that keeps one healthy.
The heritage brand, which has been around for more than a years now (the first container with Lifebuoy soaps landed on 5/5(2). The product life-cycle is also a useful framework for describing the typical evolution of marketing strategy over the stages of product life-cycle.
This will help in taking sound marketing decisions at different stages of the product life-cycle.