Research Overview

The product life cycle research issue in marketing management examines the various stages of a product’s life and how they affect sales and profitability (Stark, 2022; Iacobucci, 2021). This research is crucial for contemporary business and professional practice because it provides helpful insights into how firms may manage their product portfolios more effectively and achieve long-term success.

Purpose of Research

The research aims to generate new information, insights, and understanding about a particular phenomenon or topic of interest. Research is done to answer particular questions, confirm ideas, test hypotheses, and uncover new facts. Its ultimate goal is to advance knowledge in a given area and to offer recommendations for action and judgment (Iveson et al., 2022).

Review of literature

The research work of Lim et al., (2020), introduced the concept of the product life cycle and its implications for marketing strategy. According to the authors, there are four stages in the product life cycle: introduction, development, adulthood, and decline. Each stage necessitates a unique marketing approach (Lim et al., 2020). In the introduction stage, the article emphasizes the value of thorough market research and product creation, while in the growth stage, it stresses the use of pricing, advertising, and promotion.

Munasinghe et al., (2021), introduced the topic of the product life cycle of fashion products. The writers emphasize the value of trend analysis and market research in the introduction stage by using case studies to illustrate how the product life cycle may be applied to fashion products.

Leng et al., (2020) examined the relationship between environmental sustainability and product life cycle management. The product life cycle method, according to the authors, may help businesses lessen the environmental effects of their goods by finding possibilities for waste reduction, energy efficiency, and material reuse. The article focuses on the significance of businesses considering environmental factors at each stage of the product life cycle, from conception to disposal.

Lie et al., (2020) explored the relationship between product life cycle and environmental effects in the consumer electronics industry. The authors claim that product life cycle management may help businesses decrease the negative environmental effects of their products and can significantly affect how environmentally friendly consumer gadgets are.

Practical application of literature

The four articles examined in this literature review highlight the importance of the product life cycle concept in marketing management. The articles show how the product life cycle may be utilized to address environmental sustainability issues, guide marketing tactics, and lengthen product lifespans (Iacobucci, 2021). Overall, these articles offer insightful information on how the concept of the product life cycle is applied in many fields and situations.

Conclusion

In conclusion, the notion of the product life cycle is essential to marketing management. This assessment of the literature, which looked at four peer-reviewed studies on the subject, concluded that while pricing, advertising, and promotion are key during the growth stage, effective market research and product creation are essential during the introduction stage. Overall, these papers offer insightful tips for companies looking to manage their products profitably and sustainably.

References

Iacobucci, D. (2021). Marketing management. Cengage Learning. https://books.google.com/books?hl=en&lr=&id=hmI4EAAAQBAJ&oi=fnd&pg=PP1&dq=marketing+management,+dawn+IAcobucci&ots=lml3p18X4D&sig=a9GOMban_e-kMjEXPeDm0ThWgxM

Iveson, A., Hultman, M., & Davvetas, V. (2022). The product life cycle revisited: an integrative review and research agenda. European Journal of Marketing, 56(2), 467-499. https://www.emerald.com/insight/content/doi/10.1108/EJM-08-2020-0594/full/html

Leng, J., Ruan, G., Jiang, P., Xu, K., Liu, Q., Zhou, X., & Liu, C. (2020). Blockchain-empowered sustainable manufacturing and product lifecycle management in industry 4.0: A survey. Renewable and sustainable energy reviews, 132, 110112.

Lim, K. Y. H., Zheng, P., & Chen, C. H. (2020). A state-of-the-art survey of Digital Twin: techniques, engineering product lifecycle management, and business innovation perspectives. Journal of Intelligent Manufacturing, 31, 1313-1337. https://link.springer.com/article/10.1007/s10845-019-01512-w

Liu, X. L., Wang, W. M., Guo, H., Barenji, A. V., Li, Z., & Huang, G. Q. (2020). Industrial blockchain-based framework for product lifecycle management in industry 4.0. Robotics and computer-integrated manufacturing, 63, 101897.

Munasinghe, P., Druckman, A., & Dissanayake, D. G. K. (2021). A systematic review of the life cycle inventory of clothing. Journal of Cleaner Production, 320, 128-852. https://www.sciencedirect.com/science/article/pii/S0959652621030481

Stark, J. (2022). Product lifecycle management (PLM). In Product Lifecycle Management (Volume 1) 21st Century Paradigm for Product Realisation, 1-32. Cham: Springer International Publishing. https://link.springer.com/chapter/10.1007/978-3-030-98578-3_1

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