Grocery stores stock a wide variety of products, from perishable food to magazines, each of which can be in a different stage of the product life cycle at different times. Understanding the life cycle of grocery products can help grocery-store purchasers add and remove products from store shelves at ideal times. Timing is crucial in the retail grocery industry to take advantage of new, high-demand products while getting rid of slow sellers or products that lose money. Introduction Stage In the introduction stage, new products are stocked on store shelves for the first time, while manufacturers and distributors work to market the new offering to consumers and retailers.
Grocery stores stock a wide variety of products, from perishable food to magazines, each of which can be in a different stage of the product life cycle at different times.
Understanding the life cycle of grocery products can help grocery-store purchasers add and remove products from store shelves at ideal times. Timing is crucial in the retail grocery industry to take advantage of new, high-demand products while getting rid of slow sellers or products that lose money.
Introduction Stage In the introduction stage, new products are stocked on store shelves for the first time, while manufacturers and distributors work to market the new offering to consumers and retailers.
Grocery-store purchasers should be wary of new products in this stage, as they may or may not catch on with consumers. At the same time, distributors may offer deep discounts for larger orders in this stage as a way to encourage retailers to give new products a try.
Growth Stage Products enter the growth stage as greater numbers of consumers become aware of and request them, causing retailers to place larger orders. If a grocery store decided to pass on a new product in the introduction stage, the growth stage may be the ideal time to give it a try.
Products in the growth stage have proven to be desirable to at least a portion of their target markets, and the manufacturers' marketing strategies are clearly proving effective. This can also be an ideal stage to highlight new products in a grocery store's own marketing materials.
Maturity Stage Demand levels off the maturity stage as most of a product's target market is aware of its availability and has formed their opinions of it. By this stage, purchasers should have a good idea of their expected sales for specific products, making purchasing decisions more straightforward than in previous stages.
Some of the most reliable and profitable grocery products fall into this category. Some products in this stage are almost guaranteed to remain here indefinitely, such as fresh milk and cheese, although the popular producers and brands may rise and fall over time.
Most products on grocery-store shelves should be in this stage, since they have firmly established their presence in the popular recipes and dietary habits of local customers.
Decline Stage Demand takes a downward turn in the decline stage as competing brands or newer products gain market share from yesterday's big sellers. Understanding brands' marketing strategies in this stage is important for purchasers, as it can shed light into a failing product's future.
Brand marketers may attempt to re-position a product by introducing new uses; they may look to sell their brand to a competitor, or they may make plans to discontinue a product altogether.
When a manufacturer decides to wind down and abandon a declining brand, purchasers should look to discontinue their orders relatively soon. When brand marketers seek to revive a product and position it back into growth stage, on the other hand, it may be worth stocking in the near future, albeit in smaller quantities.
As a small-business owner, Ingram regularly confronts modern issues in management, marketing, finance and business law. He has earned a Bachelor of Arts in management from Walsh University.Tesco Equipment LLC is a leading supplier of aviation and industrial lift systems, Tesco commitment to product and service are central to our strategy that allows us meet our customer’s requirements with dependable operation and reduced product life cycle costs.
The product life cycle stages are 4 clearly defined phases, each with its own characteristics that mean different things for business that are trying to manage the life cycle of their particular products.
Stages include introduction, growth, maturity and decline and are explained in detail here. PRODUCT LIFE CYCLE (PLC) Product life cycle is the sequence of strategies deployed as a product goes through its life cycle.
It is necessary to consider how products and markets will change over time and must be managed as it moves through different stages.
Key to carbon labelling has been the advent of increasingly sophisticated life cycle analysis (LCA) methodologies.
It aims to quantify the emissions of 6 greenhouse gases over a product’s life cycle i.e production through to disposal, calculated in terms of CO2 equivalent, and then place this on a product.
Background. Create a system to capture and record life cycle footprint data on a range of products for Britain’s largest retailer, Tesco, and in turn communicate this information to consumers. The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from .