What Is International Product Life Cycle?

The entire process of a product from the market to its final exit from the market is called the product's life cycle, and it goes through four phases: product introduction, growth, maturity, and decline. The product life cycle is not the same as the product life. The former refers to the market life or economic life of the product. The length of its life is mainly determined by market factors, such as the development level of science and technology and the speed of product replacement, changes in consumer preferences, and the intensity of competition. The latter refers to the natural life of the product, and refers to the time that elapses between the product being put into use and the paper that is damaged. ^[1]

International Product Life Cycle

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The entire process of a product from the market to its final exit from the market is called the product's life cycle, and it goes through four phases: product introduction, growth, maturity, and decline. The product life cycle is not the same as the product life. The former refers to the market life or economic life of the product. The length of its life is mainly determined by market factors, such as the development level of science and technology and the speed of product replacement, changes in consumer preferences, and the intensity of competition. The latter refers to the natural life of the product, and refers to the time that elapses between the product being put into use and the paper that is damaged. ^[1]

The international product life cycle is

1.New product stage: product innovation stage.

To develop competitive new products, you must choose a new product development strategy that matches your own product. The types of new product development strategies are as follows:

Adventure strategy

Adventure strategy, also called entrepreneurship strategy, is an entrepreneurial process in which a company adopts its own research and development, production or sales based on its own team. It is a very hard new product development strategy.

Alibaba has adopted an entrepreneurial strategy. Before the e-commerce was unknown, the entrepreneurial spirit in Ma Yun's mind prompted him to want to take the pressure of public opinion, and always insist on establishing an e-commerce website. The world's largest online trading market and business communication community.

2. Aggressive strategy;

3.Comparison positioning strategy.

Compared with the positioning strategy, after the new product is launched, it does not compete with the product brand of the same product category in the market as the first place in the industry, but slogan "I would like to be the second child". This is easy to be the first in the international market. Based on it, it is conducive to the next competitive strategy to strive for development opportunities.

4.Leadership strategy.

The counterpart strategy is the leader strategy. The leader strategy emphasizes that when a new product enters the international market, it will initially position the product as the best product in the global industry, and based on this 4Ps strategy Developed.

The type of new product development strategy is based on the combination of the dimensions of the new product strategy. The product's competitive field, new product development goals, and measures to achieve the goal constitute the new product strategy in three dimensions. For each dimension and combination of dimensions, various new product development strategies are formed.