The importance of the product life cycle in marketing cannot be over-emphasized. The rate of product failure in marketing is alarming amount 50% of products introduce failed and the one major contributing factor is the introduction of the product at a wrong time. When the product that has the prospect of success is introduced at a point of market saturation, it is bound. This project is to offer reader the opportunities to have an in-depth into the knowledge of product life cycle in marketing. In carrying out this research, relevant literature on the product life cycle concept has been constructed. The instrument used for data collection is the secondary method of data collection. After carefully analysis of the result of the information and data collection, among which was the wrong application of the concept, the neglect of the life cycle of competition product and the premature withdraw of product from the market. On the basis of these problems was recommend the stepping up of training of product manager and marketing.
1.1 BACKGROUND OF THE STUDY
The product life cycle has been subjected to array of description ranging from “a crucial element in planning” to the “concept has little validity” as well as “the concept has done more harm than good”. However it will be shown that the dichotomy is more apparent than real. It will be recalled that different authors have viewed product life cycle in different ways, each evaluating product life cycle in different ways, each evaluating its effect and defect in all the stage a product goes through before going into extinction.
A product sales position and profitability can be expected to change overtime. The product life cycle is an attempt to recognize distinct stages in the sales history of the product corresponding these stages are distinct opportunities and profit potential. Companies can formulate better marketing plans by identifying the stage that a product is in or heading toward.
1.2 AIMS AND OBJECTIVE OF THE STUDY
The product cycle will be evaluated as a theory and its major uses of important and problem considered.
This research intended to identify the uses of the product life cycle, how it affect the product of a company, its shortcomings and offer suggestion on how well to apply the product life cycle concept sop that its advantages could not number its advantage. That is aimed at exploring marketer to the concept of product and life cycle as well as the stage that are involved such as the introduction stage, the growth stage, maturity stage and the decline stage.
1.3 STATEMENT OF RESEARCH PROBLEM
The importance of product life cycle can not be overemphasized in product management, however some marketers as well as marketing manager fails to realize the importance of product life cycle in marketing management. With the aid of product life cycle a marketing management. With the aid of product life cycle a marketing manager is also to recognize district stage in the sales history of a particulars, product. By the act of identifying the stage that a particular product better marketing plans, hence a wise manager has to be able to make a good forecast the life span of its product. It is living to assurance that a product will continue to experience sufficient demand whereas time will come when a new product will be introduced to compete with the existing one.
1.4 SIGNIFICANCE OF THE STUDY
A lot of product has been introduced into the market by different companies in the part, but the question who is how many of such product succeeds.
Some products die a pie match death some other may not take in enough profit etc. This may be due largely to using other concept wrongly by introducing the product at the wrong time. It is a truism that the simple product can maintain its position in the market definitely, hence the product life cycle is essential.
Marketing manager must study carefully the life cycle of the product for which they are responsible. By means of good fore-casting there must establish the likely growth of the market in which they are operating in order that they may access that likely occurrence of the third and fourth stage in the life of their product.
Introducing a product into a cooperatively new market is quite different from that of a market where ir must compete with other brands which are already established.
A study of the life cycle of these competitive brands is important where as it is not necessary in the new marketer where competition is minimal or non-existence. The introduction of his product has to coincide with the second and most healthy stage of the competitor’s growth and the dares with him a market which profit margins are still attractive.
Therefore this study of the product life cycle is not enough marketing manager need to study will be application of the concept. It also tries to portray the fact that some products need no introductory stage when a product should be lunched into the market and also ensuring that the product linger or for sometime on the growth stage where profit is high.
1.5 SCOPE OF THE STUDY
This study is limited to the study of the influence of the product cycle in the management of product in a company’s. The business environment will seldom or never be stable and the ability to adapt to environmental changes is a crucial importance to business firm.
New products are continuously being introduce in the market hence no company will be satisfied with the performance of a single product without introducing new ones. This research is to be with a view of identifying how best to use the knowledge of the product life cycle to achieve maximum benefit.
To meet demand of this research, timely and relevant data will be gathered and source for, from both internal and external part of the institution. The data will mainly be source for secondary sores such as textbooks, journals, newspaper, magazines, unpublished lecture notes, website visitation (internal) and contribution that were made on academic ground, companies’ annual report, past projects and useful literature publication.