What can you tell me about a kitchen aid mixer describing the product life cycle.
A Product life cycle is typified by phases of introduction, growth, maturity and decline. For the case of a Kitchen Aid mixer, the introduction phase consists of introducing to the market a novel product, which is the Kitchen Aid mixer which promises ease of usage and more efficient kitchen work.
In this stage, most of the growth is led by early adopters who are buoyant about the product. Marketing expenses for the company is more as they spend a lot on advertising and consumer education. Followed by this phase is a stage of growth, in which the product gains rapid market share due to efficient marketing and also positive reviews from early adopters with regards to the efficacy of the Kitchen Aid mixer. The marketing expense still remains high because of need to continually spend on branding and promotions. Then comes the phase of maturity, in which the Kitchen Aid mixer has firmly established its place in the market. It has now become a cash cow and a profitable segment for the seller. This phase is characterized by high profits and low marketing expense.
The last phase in which the Kitchen Aid mixer sees a decline in sales and possible replacement by other more efficient products is the “Decline” phase. The profitability and sales decrease and the company gradually phases out the product from the market.