Answer and Explanation:
The product life cycle stages of a product shows the growth of the product from its introducing level to further pathway. In the first stage of product life cycle the product is just launched and sales is less because people are not aware of the product. In the second stage, sales increasing due to the advertisement and the absence of competitors. In the third stage, sales of the product is increasing at a diminishing rate because of the increase of competitors. And in the final stage, the sales of the product decline due to the stiff competition.
Here am taking the product life cycle stages of Nokia and Maggi noodles.
Nokia enters the first stage of product cycle when the Nokia phone is introduced in the economy in 1995 to 2002. The second stage i.e. growth stage is from 2003 to 2009. The maturity stage is from 2009 to 2011. After 2011 it faces decline stage. In the introduction stage Nokia launched the model with capable of sending an receiving messages. And in the second stage they launched phones without external antenna and also had better features of games, alarm,displays etc. And in the third stage, launched a lot of touch screen models but that not compete with the new brands. A good will company faces decline stage only because of the wrong decisions such as when all other mobile companies move and the popularity of android increases, Nokia and its windows phone failed to attract consumers.
While considered the product life cycle stages of Maggi noodles. In the introductory stage, high failure rates with the lowest acceptance from the consumers. In the growth stage, they offered more sizes,flavors and options. In 2003, they reaches the maturity stage. Then it faces long run drop in sales. The lack of essential nutrients and the increase in prices and the mismatch of their flavors with Indian taste are the main drawbacks made by the Nestle company in the case of Maggi noodles.
Suggestions;
The companies must increase the market penetration strategies by increasing the advertising strategies. They also conducted marketing survey before launching a new product.Attractive advertisements attract consumers. Innovations of new products with different flavors also increase the growth of the product. Above all, there should be make changes in the features of products with the changing environment of the economy.
