Product life cycle (PLC)
Product life cycle shows the progress of the Product i.e.
in which circumstances product is to hike on which it falls. It’s not only the
concept of Product we can merge this with our personal life also because
everyone has life but the word we use in our Life Cycle is hurdles or happiness.
PLC broadly classified into 4 stages:-
- Intro.
- Growth.
- Maturity.
- Decline.
Let’s make more enlighten, I am going to take one example to explore PLC i.e. NOKIA by which you could understand Nokia and their PLC. As we know NOKIA is well known brand in every market. But what was the Nokia PLC and where are they now.
Nokia knock comes into the picture with most respected brands and costly too. At the time when they started their journey in the market the price of their product was so costly. It was a dream comes true if you had a Nokia handset because there was no competition in the market for Nokia. They captured the entire market with their dominance monopoly right that was the growth phase of NOKIA.
Nokia knock comes into the picture with most respected brands and costly too. At the time when they started their journey in the market the price of their product was so costly. It was a dream comes true if you had a Nokia handset because there was no competition in the market for Nokia. They captured the entire market with their dominance monopoly right that was the growth phase of NOKIA.
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| PLC GRAPH |
After a few years later Nokia was well established brand for their reliable product but there were lots of competitors came into the market like Sony, Reliance, Samsung. So at that spot of time, Nokia was made the advantage of their Goodwill and hit their turnover healthy. Even though they didn’t compromise with their price. At that time other companies were taking the smart move and they reduced the price their own product. Due to this Nokia market share goes decline day by day but they were earning profits.
Nokia was needed stealth move. Nokia caught the step of their competitor and introduced their N-series handset and we can call that was the smart move of Nokia. Fortunately N-series makes the insane world but unfortunately it didn’t make work for a long stand. The Nokia market was rigid. Their innovation was feeling somehow.
After that disaster chapter opened in Nokia history. Their competitors were running so far away from Nokia. Share market price declined day by day and lots of criticism also faced by Nokia. Nokia made lots of moves but all were gone against them. Then they came up with new ideas. The Idea was WINDOW 7 PHONES and this stake was working for Nokia along with they were launching their product for the general public with pocket friendly perception. Before 2000, Nokia created their image as a Royal kingdom in a monopoly market. Then they got the taste of the audience and they made the series of Window Phones. After that they badly accused
by public that Nokia has only one weapon called Window 7.
In market there were lots of rumors was spread that Nokia will be bankrupt soon and the rumors caught right, Nokia sold their Finnland HQ but as we say “Where there's a will, there's a way”. Nokia again came up with a different strategy and launched Nokia Pure View and Nokia Window 8 phones. It makes revolution in the market of Nokia and makes Nokia stand back into the market. Now Nokia is on their recovering stage. How long they will stand in the market it would depend upon their next move.
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