CBSE Class 12 Marketing Product Life Cycle Notes

Marketing
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Download CBSE Class 12 Marketing Product Life Cycle Notes in PDF format. All Revision notes for Class 12 Marketing have been designed as per the latest syllabus and updated chapters given in your textbook for Marketing in Class 12. Our teachers have designed these concept notes for the benefit of Class 12 students. You should use these chapter wise notes for revision on daily basis. These study notes can also be used for learning each chapter and its important and difficult topics or revision just before your exams to help you get better scores in upcoming examinations, You can also use Printable notes for Class 12 Marketing for faster revision of difficult topics and get higher rank. After reading these notes also refer to MCQ questions for Class 12 Marketing given on studiestoday

Revision Notes for Class 12 Marketing Product Life Cycle

Class 12 Marketing students should refer to the following concepts and notes for Product Life Cycle in Class 12. These exam notes for Class 12 Marketing will be very useful for upcoming class tests and examinations and help you to score good marks

Product Life Cycle Notes Class 12 Marketing

PRODUCT
 
Defining Product
 
A product is a bundle of attributes (features, functions, benefits, and uses) that a person receives in an exchange.
 
• The term “product” refers to anything offered by a firm to provide customer satisfaction, tangible or intangible.
 
• A product may be an idea (recycling), a physical good (a pair of sneakers), a service (banking), or any combination of the three.[1]
 
Products fall into one of two categories:
1. consumer products and
2. business products (also called industrial products and B2B products).
 
Consumer products are purchased by the final consumer.
 
Business products are purchased by other industries or firms and can be classified as production goods—i.e., raw materials or component parts used in the production of the final product—or support goods—such as machinery, fixed equipment, software systems, and tools that assist in the production process. Some products, like computers, for instance, may be both consumer products and business products, depending on who purchases and uses them.
 
• The product is the core of the exchange.
 
Consumer Product Categories
Consumer products are often classified into four groups related to different kinds of buying decisions: convenience, shopping, specialty, and unsought products.

Convenience Products
A convenience product is an inexpensive product that requires a minimum amount of effort on the part of the consumer in order to select and purchase it. Examples of convenience products are bread, soft drinks, pain reliever, and coffee.
Marketing strategy - extensive distribution, extensive mass advertising and sales promotion

Shopping Products
Shopping products are usually more expensive and are purchased occasionally. The consumer is more likely to compare a number of options to assess quality, cost, and features.
 
Heterogeneous and homogeneous shopping products. Heterogeneous shopping products are unique. The purchase decision with heterogeneous shopping products is more likely to be based on finding the right fit than on price alone.
Homogeneous shopping products are very similar. Example, refrigerators. Each model has certain features that are available at different price points, but the basic functions of all of the models are very similar. A typical shopper will look for the lowest price available for the features that they desire.

Specialty Products
Specialty goods represent the third product classification. From the consumer’s perspective, these products are so unique that it’s worth it to go to great lengths to find and purchase them. Almost without exception, price is not the principle factor affecting the sales of specialty goods.

Unsought Products
Unsought products are those the consumer never plans or hopes to buy.These are either  products that the customer is unaware of or products the consumer hopes not to need.
Unsought products have a tendency to draw aggressive sales techniques, as it is difficult to get the attention of a buyer who is not seeking the product.
 
STAGES OF THE PRODUCT LIFE CYCLE
 
The product life cycle is the process a product goes through from when it is first introduced into the market until it declines or is removed from the market. The life cycle has four stages - introduction, growth, maturity and decline.
CBSE Class 12 Marketing Product Life Cycle Notes 1
 
The four stages of the PLC are:
1. Market introduction
2. Growth
3. Maturity
4. Decline
The table below shows common characteristics of each stage.

CBSE Class 12 Marketing Product Life Cycle Notes 2

CBSE Class 12 Marketing Product Life Cycle Notes 3

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CBSE Class 12 Marketing Product Life Cycle Notes

We hope you liked the above notes for topic Product Life Cycle which has been designed as per the latest syllabus for Class 12 Marketing released by CBSE. Students of Class 12 should download and practice the above notes for Class 12 Marketing regularly. All revision notes have been designed for Marketing by referring to the most important topics which the students should learn to get better marks in examinations. Our team of expert teachers have referred to the NCERT book for Class 12 Marketing to design the Marketing Class 12 notes. After reading the notes which have been developed as per the latest books also refer to the NCERT solutions for Class 12 Marketing provided by our teachers. We have also provided a lot of MCQ questions for Class 12 Marketing in the notes so that you can learn the concepts and also solve questions relating to the topics. We have also provided a lot of Worksheets for Class 12 Marketing which you can use to further make yourself stronger in Marketing.

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