Pick four specific products you use, one for each stage of the Product Life Cycle - introduction, growth, maturity, and decline. Discuss these products in terms of:
…The product life cycle
…Pricing strategies
…Market segmentation … OR …
…Target marketing ( you don't need to cover ALL these topics! ).
When TOMS shoes first came out not many people were interested in them and they weren’t very common. In the introduction stage of the life cycle they had low sales and few people interested in them. During the growth period, sales did rise and they became more popular. Within even the last year I have seen many more pairs of TOMS around campus and around my hometown. Typically companies make variations of existing products (178). TOMS took shoes and turned them into a new style and new concept. I feel like the shoes have hit maturity because so many people do have them already and they are rather expensive so many people don’t need additional pairs. And with companies such as Vans, producing colorful, and more comfortable shoes, I would assume they are stealing consumers from TOMS. TOMS has not hit the decline stage but I do not think that it’s far off because they are a trend and trends fade. iPhones have been around awhile and have gone through the stages of the life cycle. When they were first introduced they were pretty expensive just because they was so much hype surrounding them. As the product grew it got more expensive because more people wanted them. At the maturity stage, the price leveled out at its peak price and then began to decrease. Which leads into the decline of the product. The price of an iPhone is the lowest right after Apple releases a new iPhone. Then the cycle starts again with the new version.
Van shoes have followed the same pattern as most fashions. At the introduction phase the majority of the buyers are typically those that invest in new fashions to start them as their own. The growth phase typically in the market segment to those who like to follow the “popular” people and continue the fashions. These people are typically in the circle of the people
