There has been extensive research conducted on the aspect of the product lifecycle and how it can be used to determine the specific strategies to be employed, the specific changes in the marketing mix and how it can be employed to manage the product of the companies.The current trend in the market for various products indicates that the product lifecycle for products is decreasing drastically. This is mostly due to the changes taking place in the specific external environments, the introduction and the advance of the technology which leads to new entrants in the markets and new concept products being launched as competitors of the current products. Moreover the choice available to the customers is changing and as a result the product lifecycle is decreasing for most products. “While many brands continue to lead their markets after many years, others have short life cycles and are frequently designed with this in mind. Brands either live or die. They can innovate and evolve or they can be designed for a short life. Through theLoop’s Brand Positive™ research program has uncovered some of the reasons why life cycle theory should now be revisited to ascertain how brands are being developed for short lives.”(Payne, 2000) Through the research it was determined that brands which have the brand leadership position in the market are very strong and as a result they tend to have very long and extensive brand and product based lifecycles. Aside from this those brands which keep on renovating and reinvesting themselves and the products have a longer product lifecycle in the market as well as compared to those which do not undertake such activities.
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