Trending February 2024 # Everything About Different Stages Of Product Life Cycle And Relevant Examples # Suggested March 2024 # Top 10 Popular

You are reading the article Everything About Different Stages Of Product Life Cycle And Relevant Examples updated in February 2024 on the website Daihoichemgio.com. We hope that the information we have shared is helpful to you. If you find the content interesting and meaningful, please share it with your friends and continue to follow and support us for the latest updates. Suggested March 2024 Everything About Different Stages Of Product Life Cycle And Relevant Examples

blog / Product Design & Innovation Everything About Different Stages of Product Life Cycle and Relevant Examples

Share link

Have you ever wondered while watching TV or using a product about the different stages through which that particular product has gone through? We only talk about a product when it enters the market. However, every product has a life cycle of its own. This is what we will be discussing in this article – the product life cycle. You’ll get to understand what the product life cycle is, the stages of the product life cycle, and product life cycle examples, among other things.

The product life cycle is a continuous process – right from the product’s development and introduction to the time it reaches maturity and eventually declines and retires. You’ll be able to understand these aspects better through product life cycle examples.

In this article, you’ll also see how different stages of the product life cycle work, how product life cycle management helps in the development of the best product, and how the product development life cycle helps companies in optimizing their businesses. Let us begin with closely understanding what a product life cycle is.

What is the Product Life Cycle?

The product life cycle involves the stages through which a product goes from the time it is introduced in the market till it leaves the market. A product life cycle consists of four stages: introduction, growth, maturity, and decline. A lot of products continue to remain in a prolonged maturity state. However, eventually, in every product life cycle, the product eventually phases out from the market. This may be due to several factors such as saturation, competition, decrease in demand, and even reduction in sales. A product life cycle analysis can help companies in creating strategies that enable them to sustain the longevity of a product and even adapt to market conditions.

Benefits of Using the Product Life Cycle

Now that we know what the product life cycle is, we will now look at using the product life cycle for different purposes. The product life cycle is used to determine how products can be marketed to consumers. When a product is successfully introduced in the market during the first stage of the product life cycle, there should ideally be a rise in demand and popularity. When this new product gets established, there is less marketing effort involved. And, when it moves from the maturity stage to the declining stage, the demand also wanes.

Eventually, in the last phase of the product life cycle, the product phases out from the market. This is where an efficient product management life cycle becomes useful for all businesses. Proper product life cycle management ensures that the product does well and reaches the stage of maturity after having been in the market for a prolonged duration.

4 Stages of the Product Life Cycle

To recap, we are now well-versed with what a product life cycle is, why product life cycle management is important, and how the product development life cycle helps businesses. We will now skim through the four stages of the product life cycle and their importance.

Introduction – This is the first stage of the product life cycle. Once a product is developed, the first step is its introduction into the market. During this stage, the product is released into the market for the very first time. This product development life cycle stage is at high stake but does not decide whether the product will be successful or not. Additionally, a lot of marketing and promotional activities are undertaken, and capital is pooled so that the product reaches the consumers. At this stage of product life cycle management, companies are able to understand how users will respond to the product. Precisely, the idea is to create a huge demand.

Growth – In the growth stage, consumers start to take action. They buy the product; the product becomes popular and results in increased sales. There are other companies also that notice the product as it starts getting more attention and revenue. When the competition is heavy, a higher amount of money may be pooled into the market. The market for the product expands and it may also be tweaked at this stage to ensure some features, etc., are improved. Competition may also force you to cut down the prices. Nonetheless, sales increase and therefore the product and market growth.

Maturity – In the maturity stage, sales slow down, indicating that the market has begun to reach saturation. This is also one of the stages of the product life cycle when pricing becomes competitive. This makes the profit margins thinner. In this stage, the purpose of marketing is to fend off competition and sometimes, altered products are introduced.

Decline – While companies make all efforts throughout the different stages of the product life cycle to ensure that it stays alive in the market, an eventual decline cannot be ruled out. This is why it becomes important to know what product life cycle is at first. When a product is in the decline stage, the sales drop due to a change in consumer behaviour and demand. The product loses its market share and competition also deteriorates. Eventually, the product retires from the market.

Examples of the Product Life Cycle

To understand all of these stages, we can take a look at product life cycle examples. These examples will help us understand how a product is introduced and how it goes through different stages. However, if you wish to pursue a career in product life cycle management, these product life cycle examples may not be enough. You’ll have to undertake a product management course which will help you gain more insights into the product life cycle and its management. A few more product life cycle examples are:

Typewriters – Typewriters helped in improving the speed and efficiency of writing. However, with time newer devices such as computers and laptops were introduced, and the demand for typewriters declined. Eventually, they reached maturity and were taken off the market.

Electric vehicles – Electric vehicles are currently in the growth stage, therefore, their demand is picking up.

A Career in Product Management

You're reading Everything About Different Stages Of Product Life Cycle And Relevant Examples

Syntax And Different Examples Of Jquery Val()

Introduction to jQuery val()

JQuery Val() is a type of method used for the operations related to the values of the elements in an HTML based web page. The two operations where this method can be used are to set the value for a given element or to get the value for a given element. One can also used an already defined and declared function to fetch the element property, for which the val() method can be used to set or get the values. The syntax for this method is ‘$(selector).val()’, where val will have the value as a parameter and sometimes the function details wherever applicable.

Start Your Free Software Development Course

Web development, programming languages, Software testing & others

Syntax:

$(selector).val() $(selector).val( value )

This method is used to set the value of a selected element.

$(selector).val( function ( index, currvalue ) )

This method is used to set the value of a selected element by using a function.

Parameters:

Value: The value parameter is not an optional parameter, which is used to specify the set value of the attribute.

function ( index, currvalue ): Function ( index, currvalue ) parameter is an optional parameter, which is used to specify the name of a function to execute and return the set value of the attribute.

Examples for the jQuery val()

Below given are the examples of jQuery val():

Example #1 – Without Parameters

Next, we write the html code to understand the jQuery val ( ) method more clearly with the following example where we set the value attribute of the second and third input element with the value content of the first input element –

Code:

$(document).ready(function() { var cont = $(“input”).val(); $(“input”).val( cont ); });

Output:

Example #2 – Single Select Boxes

Next example code where this method is used to get the form’s elements values. The jQuery val( ) method doesn’t accept any arguments and returns an array containing the value of each selected options in a list else returns a NULL value if no option is selected, as in the below code –

Code:

b { color: red; } p { background-color: yellow; margin: 10px; } function fruitdisplayVals() { var fruitValues = $( “#fruit” ).val(); } $( “select” ).change( fruitdisplayVals ); fruitdisplayVals();

Output:

Example #3 – jQuery val() Method with Single and Multiple Select Boxes

In the next example code, we rewrite the above code for jQuery val() method with single and multiple select boxes –

Code:

b { color: red; } p { background-color: yellow; margin: 4px; } function fruitdisplayVals() { var fruitValues = $( “#fruit” ).val(); } $( “select” ).change( fruitdisplayVals ); fruitdisplayVals();

Output:

Now we can select any single fruit option and multiple vegetable options, the output is –

Example #4 – jQuery val() Method with Parameter

Next example code where the jQuery wrap( ) method accepts a string to set the value of each matched element. As shown in the below example –

Code:

$(document).ready(function(){ $(“input:text”).val(“Set Value”); }); });

Output:

Example #5 – jQuery val() Method with Function as Parameter

This method accepts a function as a parameter and sets the value of each matched element.

Code:

$(document).ready(function(){ $(“input:text”).val( function(n,c){ return c+”Set Value”; }); }); });

 Output:

Conclusion

This method is used to get the value of the html element or to set the value of the html element. Syntax for this are –

$(selector).val( )

$(selector).val( value )

$(selector).val( function ( index, currvalue ) )

Value used to specify the set value of the attribute. function ( index, currvalue ) used to specify the name of a function to execute and return the set value of the attribute.

Recommended Articles

This has been a guide to jQuery val(). Here we discuss the syntax, parameters, and various examples of jQuery val(). You may also have a look at the following articles to learn more –

Different Function Of Linspace In Matlab With Examples

Introduction to Linspace MATLAB

MATLAB is a technical computing language. MATLAB gets its popularity from providing an easy environment for performing and integrating computing tasks, visualizing & programming.

Start Your Free Data Science Course

Hadoop, Data Science, Statistics & others

Uses of MATLAB include (but not limited to)

Computation

Simulation

Modeling

Data analytics (Analysing and Visualizing data)

Prototyping

Application development

Engineering & Scientific graphics

Linspace Function in MATLAB

In this article, we will understand a very useful function of MATLAB called ‘linspace’. This function will generate a vector of values linearly spaced between two endpoints. It will need two inputs for the endpoints and an optional input to specify the number of points to include in the two endpoints.

X = linspace(a1, a2)

Now let us understand this one by one

1. X=linspace(a1,a2)

This function will return a row of a vector of 100(default) linearly spaced points between a1 and a2

a1 and a2 can be real or complex

a2 can be either larger or smaller than a1

If a2 is smaller than a1 then the vector contains descending values

Here is an example to understand this:

Example #1

X = linspace(-1, 1)

It will generate a vector of 100 evenly spaced vectors for the interval [-1, 1]

Output:

Example #2

X = linspace(2, 3)

It will generate a vector of 100 evenly spaced vectors for the interval [2,3]

Output:

Example #3

X = linspace(2, 1)

Here a2 is smaller than a1, it will generate a vector of 100 evenly spaced vectors for the interval [2,1] in descending order

Output:

2. X=linspace(a1,a2,n)

This function will return a row of a vector of “n” points as specified in input for linearly spaced points between a1 and a2. This function gives control of the number of points and will always include the endpoints specified in the input as well.

If n is 1, the function will return a2 as output

If n is zero or negative, the function will return 1by0 empty matrix

Here is an example to understand this:

Example #1

X = linspace(-1, 1, 7 )

It will generate a vector of 7 evenly spaced vectors for the interval [-1, 1]

Output:

Example #2

X = linspace(2,3,5)

It will generate a vector of 5 evenly spaced vectors for the interval [2,3]

Output:

Example #3

X = linspace(2, 3, 1)

Here n = 1, so the function will return a2 input parameter

Output:

Example #4

Here n = 0, so function will return 1X0 empty double row vector

Output:

Vector of evenly spaced Complex numbers

X = linspace(2+2i, 3+3i)

Here a1 and a2 are complex numbers, it will generate a vector of complex numbers for 100 evenly spaced points for the interval [2+21, 3+3i]

Output:

X= linspace(1+1i, 5+5i, 4)

It will generate a vector of complex numbers with 4 evenly spaced point for the interval [1+1i, 5+5i]

Output:

The linspace function in MATLAB provides us with an array/matrix comprising the desired number of values starting from and ending at a declared value. The produced array will have exactly the desired number of terms which will be evenly spaced. The values will be in the range of start and end values passed. So, the linspace function will help us in creating an instantiated matrix or array.

Recommended Articles

This is a guide to Linspace MATLAB. Here we discuss the introduction, Linspace Function in MATLAB and Vector of evenly spaced Complex numbers with examples and outputs. You can also go through our other suggested articles to learn more–

Everything We Know About Apple’s 31.6

Apple officially left the standalone display market in 2024, discontinuing its Thunderbolt Display and pointing users towards third-party options. The move, however, was met with disappointment from Pro users who rely on seamless integration between Apple’s various hardware products.

Subsequently, in 2023, Apple announced that it was doubling down on the Pro market with a new modular Mac Pro and a new Apple Display. That announcement was almost exactly two years ago, and now it seems we’re finally nearing the launch of Apple’s highly anticipated Pro display. Here’s what we know so far.

Apple Display Size and Resolution

According to reliable Apple analyst Ming-Chi Kuo, the Apple Display will feature a 31.6-inch display. That’s considerably larger than the 27-inch iMac – and should certainly please Pro users in many industries. Kuo says that the Apple Display will feature a 6K3K resolution.

At this point, it is unconfirmed whether the Apple Display will be 16:9 in nature or join in on the trend of ultra-wide displays. Our own Jeff Benjamin, however, has presented a very solid case for the latter.

Jeff argues that Apple’s display will feature a 6240×2880 native resolution. This is a “true” 5K footprint that has been expanded horizontally to turn the display into an ultra-wide panel. With the extra pixels, the display’s resolution is stretched into 6K, which matches exactly with Kuo’s claim that the display will be 6K3K.

Theoretically, Apple would also want its standalone Pro monitor to match the existing iMac and iMac Pro form factor and DPI. Some basic math explains how this would be possible. Essentially, the 27-inch 5K iMac uses a pixel-per-inch standard of 218. With a resolution of 6240×2880, an Apple display could hit that by being 31.59-inches – which rounds up to 31.6-inches, matching Kuo’s claims.

The end result is a 6K3K ultra-wide display with 6240×2880 resolution, measuring 31.6-inches diagonally, and with a display panel height (13.2-inches) and PPI (218) the same as the existing 5K panel in the iMac and iMac Pro. The width of such a display would measure 28.7-inches, which is 3.1-inches wider than the iMac Pro, even when including its bezels.

Thus, while Kuo has not made mention of whether the Apple Display will be ultra-wide or 16:9, the math certainly seems to favor the former. With so many third-party displays going the ultra-wide direction, it shouldn’t come as a surprise that Apple also follow that trend. Furthermore, if it can do so in a way that makes the Apple Display beautifully complement the existing iMac and iMac Pro, creative users everywhere are sure to be pleased.

Mini-LED

Ming-Chi Kuo also says that Apple’s 6K display will feature mini-LED backlight technology. What this means is that the external display will only use mini-LED for the backlight, not for true end-to-end mini-LED screens. In late 2023 or early 2023, however, Apple is expected to launch new MacBook and iPad models with true mini-LED panels.

Kuo specifically says that the Apple monitor will use a “mini-LED like backlight unit” with larger LEDs. By using mini-LED backlighting, the Apple screen will have more power efficient backlighting that allows for more accurate blacks and improved contrast. Furthermore, mini-LED backlighting should allow for the panels to be thinner, resulting in a slimmer design overall.

The performance won’t match that of OLED, such as what is found in the iPhone XS and iPhone XS Max, but Apple is said to favor mini-LED backlighting because it is not susceptible to burn in. In day-to-day use, this is likely a wise choice. A computer monitor is far more likely than a phone to show the same thing – such as a static email inbox – all day. This would greatly increase the likelihood of burn-in.

Apple Display Release and Price

The Apple Display is said to be released sometime in Q2 or Q3. This aligns well with Apple’s upcoming developer-focused WWDC, which kicks off on June 3rd. It does not seem presumptuous at all to think that Apple could announce both the 31.6-inch monitor and modular Mac Pro during its WWDC keynote.

Assuming the panel is announced at WWDC, that would be just over two years from when Apple announced its renewed focus on the Pro market.

As for price, it’s hard to know at this point what Apple might charge for this 31.6-inch 6K monitor. The Thunderbolt Display was sold for $999, but you should expect this new display to cost more than that, especially when you consider Apple has little competition in this area of the market.

Wrap up

Apple doubled down on the Pro market almost exactly 2 years ago, and it seems we’re finally about to see the first results of those efforts. Pro users certainly have high hopes for the new Apple Display and modular Mac Pro, and it will be interesting to see the reactions.

Read more: 

FTC: We use income earning auto affiliate links. More.

Three Stages Of Building Hypotheses Or Models

Creating models or hypotheses is a crucial component of scientific study. It entails a methodical approach to issue identification, hypothesis or model development, and experimentation. The exploratory stage, the confirmatory stage, and the descriptive stage are the three steps that make up the construction of hypotheses or models.

The exploratory phase is where theories or models are first developed. It entails collecting data, examining the connections between variables, and creating preliminary hypotheses or models. This stage, which is marked by a high level of ambiguity, is frequently employed to come up with new theories or concepts. The exploratory phase is crucial since it aids in the development of new research topics as well as improved hypotheses or models.

The second stage in developing hypotheses or models is the confirmation stage. It entails conducting experiments to evaluate the models or assumptions created during the exploratory stage. The hypotheses or models created in the exploratory stage are either confirmed or disproved during this stage, which is distinguished by a high degree of rigor. The confirmatory phase is crucial because it aids researchers in determining the dependability and validity of their models or hypotheses. In this post, we’ll look closely at three stages of developing hypotheses or models.

Formulating a Hypothesis or Model

A hypothesis or model must be created before any study can be conducted. The study topic, hypothesis, or model, as well as the anticipated results, must all be decided upon at this point. The basis for the remainder of the research process is laid during this step, which is crucial. Using the scientific method is one technique to come up with a hypothesis. Making observations, posing questions, and then forming a hypothesis as a result of your observations and inquiries are all part of this process. If the facts do not support the hypothesis, it should be testable and falsifiable, which means that it can be shown to be incorrect.

Testing the Hypothesis or Model

Testing a hypothesis or model comes next after development. This phase entails gathering data and evaluating it to ascertain the validity of the hypothesis or model. Many steps are involved in testing the hypothesis or model −

Identifying variables − Finding the variables that will be measured in the study is the first stage. These variables have to have precise definitions and be measured.

Collecting data − Data collection on the variables found in the first stage is the following step. Surveys, tests, or other procedures can be used to get the data.

Organizing data − Once the data has been gathered, it must be put into an easy-to-understand format for analysis. It can be necessary to create tables, graphs, or other visual aids.

Analyzing data − The data must next be analyzed to see whether the hypothesis or model is reliable. It could make use of statistical analyses like regression analysis or hypothesis testing.

Interpreting results − The analysis of the results of the analysis is required last. In order to determine if a correction is required or if the data confirm the hypothesis or model, this evaluation must be made.

Testing the underlying notion is an important step in generating hypotheses or models. It allows scientists to assess the truth of their theories and, if necessary, amend them. By using the methods described above, researchers can make sure that their hypotheses or models are backed up by solid data and analysis.

Refining the Hypothesis or Model

A preliminary hypothesis or model will be developed by the researcher after running experiments and assessing the data. Yet, the model or hypothesis could not be entirely correct or comprehensive. The hypothesis or model must be improved in order to boost its precision and validity.

A model or hypothesis can be altered in many different ways −

Test the hypothesis or model with additional data − Further data can be gathered by researchers to verify the hypothesis or model. This can support the theory or model’s correctness and validity.

Revise the hypothesis or model − A hypothesis or model may need to be changed if the evidence does not support it. It could involve altering the assumptions, the scope, or the variables.

Compare the hypothesis or model to existing theories − To determine if a model or hypothesis fits with current information, researchers might compare it to other hypotheses. This might aid in locating any errors or discrepancies in the theory or model.

Iteratively revising the hypothesis or model may need several iterations of testing, revision, and comparison. A dependable, accurate, and consistent hypothesis or model must be developed in order to get the desired results. The researcher can then proceed to the procedure’ last step, which involves testing the hypothesis or model through more experiments.

Conclusion

In conclusion, creating hypotheses or models is ultimately one of the most crucial tasks in the scientific approach. It offers academics the possibility to evaluate the accuracy of their assumptions and theories. Observation, hypothesis development, and hypothesis testing are the three processes in constructing hypotheses or models. Establishing hypotheses or models is a challenging process that needs careful observation, critical analysis, and rigorous testing.

Features And Examples Of Market Equilibrium

Definition of Market Equilibrium

Buyers and sellers react to price changes. When prices are high, the buyer reduces consumption; when prices are low, the seller reduces production. Theoretically, in a free market condition, the demand for a product equals the supply of a product, and the price remains constant. This state is market equilibrium.

Hence at this stage, as there is no inventory left, i.e. whatever is produced has been sold and is called market clearing. This stage is a balance where consumer and producer behavior is consistent, and none of the participants has any incentive to change such behavior.

Start Your Free Investment Banking Course

Features of Market Equilibrium

Given below are the features mentioned:

The amount demanded by the customer equals the amount supplied by the seller.

The quantity supplied and demanded is equal to the equilibrium quantity.

The price charged is equal to the equilibrium.

From the below table, we notice that the equilibrium price is INR 6 at a Quantity of 50 as demand equals supply. The vertical axis in the graph denotes the prices, and the horizontal axis shows the quantity. The point at which both lines intersect is the market equilibrium.

We can’t say that the equilibrium price is INR 4 since the quantity demanded is 70 and only 30 are supplied. Thus, the competition will push the price, and suppliers will produce more. On the contrary, if the price is INR 8, the quantity demanded is 30, and 70 are supplied. In this case, the competition will push the price down, and the producers will curtail production.

When the prices exceed INR 6, the market is not at equilibrium; hence, the demand and supply forces will push the market towards equilibrium by adjusting the prices.

Example #1

New Equilibrium Point: Equilibrium price may change due to changes in supply or demand Variables. Demand and supply variables change due to external factors that include higher prices, availability of cheaper substitute goods, changes in income, changes in raw material prices and overhead costs, technology changes, government policies, seasonality of products, disruption in the economy, etc. Hence, the above factors might push the prices and reach a new equilibrium point.

Example #2

An increase in earnings will increase the disposable income in the hand of consumers and thereby increasing demand. In the below table (kindly compare it to the table above), we note that due to an increase in earnings, the demand has gone up by 10 units. In this case, demand and supply are equal at the price of INR 7 compared to INR 6 in the above table. The increase in demand has raised the prices and reached a new equilibrium.

As noted above, a rise or fall in consumer earnings impacts demand and prices. This comparative study of two static equilibria to each other is Comparative Statics.

Market Equilibrium price and quantity can be computed mathematically.

1. The demand and supply equation is a pre-requirement for such a calculation. The mathematical equation expresses the correlation between the number of goods demanded with the factors that impact the willingness and capability of a consumer to buy the products.

Example:

Demand= 200-15P. Supply=5P Here, 200 is the repository of all relevant non-specified factors that affect demand for the product. P is the price of the good. As per the law of demand, the coefficient is negative. The demand for the good would fall as the consumer’s income increased.

Hence 200-15P = 5P.

3. P gives the equilibrium price for the product. So P=10 (200/20P)

4. Once the equilibrium price is put into either demand or supply function and solved, which will give you equilibrium quantity demand and supply.

Demand = 200-15(10)

Demand =50.

Supply = 5(10)

Supply = 50.

The study of Market equilibrium focuses on analyzing the interrelation­ship or inter-dependence between prices of commodities or between prices of commodities and factors of production. Market equilibrium can be analyzed by partial equilibrium analysis and general equilibrium analysis.

Analysis of a secular variable keeping others unchanged is Partial equilibrium analysis. The variable may either be a single price, a single consumer, a single firm, or a single individual. The position of the single variable is viewed in isolation. Hence dependency between variables (e.g. prices and production costs) is ignored. A partial analysis analyzes each variable in great detail and thus assists in understanding general equilibrium analysis.

Example #3

The fall in Crude oil prices to USD 50 per barrel would have little impact on prices of the price of house properties. In the case of house property prices, a partial analysis would be reasonable since we can assume that the prices remain constant. When considering the automobile market, changes in crude oil prices directly link to automobile prices, demand, and supply. Hence, partial equilibrium analysis is useless, and general equilibrium analysis should be used. General equilibrium analyzes the inter­relationship between commodities or economic factors. An extensive analysis method uses a detailed partial equilibrium analysis to define the entire economy’s equilibrium position. Equilibrium is a situation of balance due to the equal action of demand and supply forces which mostly occurs in a perfectly competitive market.

Recommended Articles

This has been a guide to Market Equilibrium. Here we have discussed the features of Market Equilibrium, and we have taken some examples to understand Market Equilibrium. You may also take a look at some of the useful articles here –

Update the detailed information about Everything About Different Stages Of Product Life Cycle And Relevant Examples on the Daihoichemgio.com website. We hope the article's content will meet your needs, and we will regularly update the information to provide you with the fastest and most accurate information. Have a great day!