The stages through which a product develops over time is called Product Life Cycle (PLC).

A new product progresses through a sequence of stages from introduction to growth, maturity, and decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.

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To say that a product has a life cycle is to assert three things: Products have a limited life. Product sales pass through distinct stages, each posing different challenges, opportunities, and problems to the seller. Products require different marketing, financing, manufacturing, purchasing, and human resource strategies in each life cycle stage.

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Introduction Growth Third generation Portable DVD mobile phones players

Maturity Personal computers

Decline Typewriters

E-conferencing

E-mail

Faxes Credit cards

Hand written letters Cheque books

Iris based Smart cards personal identity cards

1) Introduction stage: The product is launched or introduced in the market. 2) Growth stage: Maintains focus on promotional efforts. Public awareness will be created in this stage. 3) Maturity stage: Competition appears in similar products such as competitors come up with similar products having same benefits. 4) Decline stage: Sales of the product begins to fall. The goal of this stage is either to maintain the product by adding new features or discontinue the product.

Pepsi co came in India at 1989, the turnover of Pepsi is 8000 crores. Introduced in India just 2 months before the cricket world cup 2003.

Designed to compete with Coca-Colas Vanilla Coke.

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Introduction stage: Pepsi bottles the new flavored product and places it on the market for consumers. Pepsi also spends a lot of money advertising the new flavor creating awareness. Growth stage: Customers like the flavor n begin to make routine purchases. Coke introduces their competing flavor.

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Maturity stage: More competitors enter the market taking some of Pepsi's profit.
Decline stage: Customers have moved on to the next new flavor. Some loyal fans stay behind.

The design department does systematic investigation of a particular data received from marketing. Efforts are taken to discover new knowledge or to develop new processes or products. A product is the end result that comes from ideas and processes of design evolution. Product development may come through inventions- products developed from original thoughts and ideas or through innovations. Development is the process of translating the basic findinds of research into practical applications.

Product design is the process of creating a new product to be sold by a business to its customers.

It is the efficient and effective generation and development of ideas through a process that leads to new products.

The design process follows a guideline involving three main sections 1. Analysis 2. Concept 3. Synthesis

The product is designed for market and the market is known better by marketing people. The product design deals with form and function. Form design deals with the product shape and appearance while functional design deals with how it works. The importance of functional design is that the product has to work otherwise it will not sell. Form design adds nothing to a product performance. Form design appears packaging is very important to sell anything to the customers

Product development is complex and lengthy process. It demands good engineering talent with the versatile manufacturing of prototype, testing the pilot lot of product etc. It involves activities from number of departments like marketing, production, quality testing, designing, materials, etc. The success of the product development activity depends much on the good team efforts.

Prepare specifications along with marketing persons. 2. Preparation of drawings and bill of materials. Make the parts drawings manufacturable. 3. Make experimental and development work. 4. Make prototype of the product as per requirements of checking. 5. Product testing in lab as well as in field. 6. Editing design as per test report. 7. Remaking and testing of the product till the quantity is satisfied. 8. Preparing product cost estimation.
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Producing an introductory lot for market entry. 10. Getting market feedback and editing product as per the need. 11. Making tools, jigs and fixtures for the desired products to be manufactured. 12. Putting the product in regular production planning cycle. 13. Offering the product to market and the customer.
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New Product design and product development involves the following stages: 1. IDEA GENERATION: The beginning of a successful product is a creative idea. Gathering of information about the unfulfilled needs of the consumer. To know about the attitudes and the qualities that a product should posses. Once the idea emerges, it must be emphasized that the new product fulfils some consumer needs.

2. EVALUATION OF IDEAS:

It involves screening the companys capabilities with respect to scientific knowledge and engineering skills in terms of possible new products and product improvements. It should recover the profit possibilities and cost of capital.
Two types of techniques are used: 1) Check-list technique: desirable product characteristics are considered on rating scale such as excellent, good, fair, poor and very poor. 2) Rating chart: new product ideas are considered regarding demand, dependence on marketing characteristics, relationship to present product lines and price quality.

3. BUSINESS ANALYSIS:

It should consider estimates of sales, costs, profits, forecasts of market penetration and market potential.

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In conducting business analysis, the following questions must be answered:

Can the company translate the product idea into economically viable product? Does the company posses the infrastructure to produce new product? Does company poses adequate finance to produce and launch a new product? Does the product fit in with the companys existing product mix and product lines?

4. ACTUAL DEVELOPMENT OF NEW PRODUCT:

The company decides to introduce the proposed product as the marketing and financial results are promising. Actual development of the new product is a crucial stage in the whole process. The new product will be ready and all arrangements for its introduction are finalized.

5. TEST MARKETING:

It is actual small scale marketing of the new product in the selected market segments. The purpose is to study actual response of consumers to the product. It is a type of risk control technique and ensures avoidance of costly business errors.

6. COMMERCIALISATION OR MARKET INTRODUCTION:

This is the final stage to launch the new product. Test marketing results are positive and promising. The company makes huge investment and starts production of new product. The new product idea is converted into actual product and introduced to consumers.

This is a long journey and is called new product development.

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Guaranteeing performance: While designing a product, the manufacturer must guaranteed performance.

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Miniaturization: Miniaturization means shrinkage in the size of the product and increase in its utility.
Reliability: Product design is often evaluated through reliability. Products should be so designed that they provide dependable service to consumers. Simplicity: A product should be simple to operate by an average consumer. Simplicity in operation gives convenience, quick use and safety to the user.

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Safety in use: Life and health of consumers should not come in danger while using a product. Articles like gas stove, toys, medicines and electrical appliances must have hundred percent safety in use. Aesthetics: Aesthetics relates to something beautiful that is pleasant to the eyes. Aesthetics sense needs special attention in the case of containers and packaging of products. Manufacturability: Product design must facilitate manufacturing at economical cost. The dimensions and the tolerance on the drawings should be manufacturable. Reparability: In consumers product, easy repair has to give way to appearance.

Clear drawings and specifications: Drawings should be of exact size and shape of the product, its parts and sub-assemblies. 10. Performance of product: A product may be of utility when it satisfies consumer wants or needs. 11. Production costs: Product design should be of proper cost and it should not be rejected by consumers. 12. Use of color: Color is often the determining factor in a customers acceptance or rejection of a product. 13. Product life: Products are suppose to give service for a specific period of time. During its lifetime the product must provide satisfactory service. 14. Purpose of product: Products should be manufactured as per the need of the consumers.
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Standardization: Standardization refers to determining some appropriate size, shape, quality, weight, manufacturing process and other characteristics to produce a product of desired utility and variety. 16. Simplification: Simplification can be useful for the product to produce and for the work. 17. Specialization: Specialization is based on division of work. 18. Diversification: Diversification relates to producing different types of products by an enterprise. 19. Quality control: Right use of raw materials, skills and production facilities are required. 20. Customer specifications: Care must be taken to fulfill customer specifications.
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Project made by:Avani Dodia= 63 Ravichandra= 62 Rupali Bura= 60