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Types of Product Life Cycles
Our standard product life cycle goes through the stages of introduction, growth , maturity and decline as we can see with the diagram below.
In Principles of Marketing Philip Kotler suggests that the product life cycle concept can also be applied to fashions, fads and styles .
Style
A style is the manner in which a product is presented and certain styles come and go. The current style for mobile phone is touch screen and this style will last until a new technology style appears. So the shape of a style life cycle is like a wave, as one style fades out, another appears.
Fashion
A fashion is a current trend which can have a long or short life cycle. Certain clothing fashions usually last for a shorter period therefore the PLC will decline very rapidly.
Fad
A fad is a product that is around for a short period and is generated by hype. As you can see sales peak very quickly, as this product has a very short life cycle.
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