One example of a product with a very short and unique life cycle is the pet rock, a collectible toy made in 1975 by advertising executive Gary Dahl. The pet rock was a smooth stone picked from Mexico’s Rosarito beach, packaged in a custom cardboard box with ventilation holes and straw bedding imitating a pet carrier. The box also contained a 32-page official training manual that humorously instructed how to care for and train one’s new pet rock. The pet rock was created as a joke by Dahl after listening to his friends complain about their pets, but it became an instant hit among consumers who were looking for a novelty gift or a fad item. The pet rock sold for $3.95 each, and Dahl sold over 1 million pet rocks in six months, becoming a millionaire. However, the pet rock fad lasted only for one holiday season in 1975, after which sales declined rapidly due to market saturation, consumer boredom, media mockery, and competition from imitators. The pet rock was discontinued in February 1976, ending its brief but remarkable product life cycle. (Example information gathered from various websites, 2023).
Phases (1 page): Define the concepts of each of the product life cycle phases for your product and explain why it is important for marketers and managers to understand the differences. Then, utilize academic journal articles to find similar products that might reflect a similar product life cycle as your product is being developed. Compare and contrast differences in the product life cycles of the two products. Utilize the extended model (development, introduction, growth, shakeout, maturity, decline, extinction, and retro) and the cyclical model (birth, growth, maturity, revival, and decline).
Life Cycle Chart and Graph (1 page): Present the results you created regarding predicted sales of your product in an MS Excel Spreadsheet format. Then transfer the data into a graph that demonstrates each of the phases. Remember to list the time frames for each phase to get the accurate graph. Highlight the key points that clearly identify when the life cycle has changed. Then, explain what each phase means regarding product life cycle stages to the customer. (The explanation can be on page 3 if the chart and graph take up too much space on the page).
Explanation (1 page): Discuss the implications of the results. Utilize academic journal articles to support your ideas, claims, and opinions since you are making predictions within this assignment. Evaluate the strengths and limitations of your work and suggest possible improvements.
References (1 page): List all the sources cited in the assignment using a consistent citation style, such as APA, MLA, or Harvard.
Some questions to consider when completing your assignment:
What are the main factors that influence product life cycle stages and characteristics?
How do product life cycle stages affect marketing strategies and decisions?
How do product life cycle characteristics affect consumer behavior and satisfaction?
What are the challenges and opportunities for managing products at different life cycle stages?
How can product life cycle analysis help identify new product opportunities or threats?