Product Life Cycle Model: Solar Singlet Fission Technology

Product Lifecycle Model
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Product Lifecycle Model – Solar Singlet Fission Technology
A product’s life essentially begins the moment the product is brought to the marketplace for the consumers to purchase them and its life ends when the producer discontinues its production or stops to support it (Suomala, 2009). The product lifecycle for the innovative solar panel products which are built with Solar Singlet Fission Technology delineates the various phases of the product from the time the solar panels are introduced into the marketplace until when the production of the products is discontinued by the manufacturer. Put simply, the product lifecycle for this product describes the time over which it is developed, launched into the market, and ultimately removed from the marketplace. There are 4 phases that describe a product’s life cycle: introduction phase; growth phase; maturity phase; and decline phase. Wood (2010) noted that during the early periods of the product life cycle, the money expended by the company in the promotion of the product may actually be greater compared to the returns obtained from the sale of the products. Even so, the solar panels made using the Solar Singlet Fission Technology will be marketed effectively across the United States to increase sales.
Phase 1: Introduction – in this initial phase of the product life cycle, price penetration strategy would be used as the product would be priced relatively low compared to other solar panel technologies available in the marketplace. Each product would be priced at $399. This low pricing will allow widespread adoption of the product, increase market penetration and grow market share. Since this phase of the product lifecycle would necessitate intense promotion efforts as well as advertising to encourage extensive adoption of the product and improve market penetration, it is projected to cost $71,370. This sum of money will be expended on promotional and advertising activities in various media such as outdoor advertising, radio and television advertising, as well as in print media like popular magazines and newspapers. The introduction phase will last for a period of 5 months.
Phase II: Growth – promotional and marketing activities in the growth phase would seek to expand the market for this new solar panel product into new segments into other regions of the country. Necessary improvements would be made on the product, new features added but the existing high-quality would be maintained. This is vital as it would help the product to compete well and maintain market share in the marketplace dominated by established companies and competition is stiff (Day, 2011). The advertising and marketing activities would be conducted for more than10 months. Growth phase is estimated to last for a period of 5 years and would cost $55,499 in marketing efforts every year totaling $277,495 for those five years. Ranade (2012) stated that during the growth phase, the product family is expanded by introducing new design features and new products of varying sizes. In expanding the product family of the solar singlet fission technology, more products would be produced so that there are a variety of solar pane...