Full life cycle sales for Life Sciences

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in this video we will talk about product life cycle just like we human beings we are born and we grow and we we we reach an age of maturity and then finally we die same is the case with the products of a company uh it has a life cycle okay a product cannot sell forever just like human beings cannot live forever products have a limited lifespan uh traditionally a product lifecycle is simply the sales and profit patterns of a product over its life over its useful life now research has shown that a typical product goes through five stages number one is product development stage number two is introduction stage and number three is growth storage and number four is maturity and lastly decline stage but all products do not remember that do not follow the same pattern some products for example are launched into the market and they are a failure and they just decline and go out of the market whereas some products are at maturities are key patterns stay at the maturity stage for a long long time for example if you take the example of pepsi and coca-cola they are here at the majority stage i don't know since inception so the first stage the blue line remember shows the sales and the red line shows the profits so at the product development stage there are no sales okay as you can see there's no blue line because the product is still in the development stage but there are high research and development expenses so it means that the product actually faces losses then at the introduction stage uh the sales start to rise slowly okay some new receptive customers you know take a trial at the product but the costs are very high the company has has to set up distribution channels it has to spend on advertising heavy advertising because it wants to communicate what product is to all the potential customers since so losses increase even further because because of the initial outlay expenses and then the product enters the growth stage uh where sales start to rise rapidly and the company starts to make a profit and at maturity stage the profits are at the highest level because now uh profits uh sales are at the highest level at the majority stage because the company has all the potential customers but after some stage during the maturity stage the profits start to erode because once again the company has to undertake huge marketing expenses just to keep its market share because at maturity stage remember there are many comparators in the market and company has to spend a lot of money on on advertisement and advertisement and promotional efforts to just to make maintain its market share so at the end of the maturity stage profits start to decline at the decline stage both sales and profits decline okay the the difference between the later maturity stage and decline stage is that in the maturity stage sales are high but profits start to dwindle whereas in decline stage both sales as well as profits start to decline but some companies have have managed to extend their maturity stage for a very very long period just the example i gave you of coca-cola and pepsi so that's it about product life cycle the the company and the market is uh change their market mixes okay how they add features to the product how they promote their product how they how they expand and reduce their distribution channels and how they how they tweak their products over the life cycle of this of a product that is over the product life cycle and we have discussed those in another video but for now just keep in mind that not all products from this tip uh follow this typical typical life cycle okay some have larger maturity periods whereas some products fail instantly that's it for now thank you