All products have a limited life cycle and go through various identifiable stages. It starts with the conception of the product, its development, its introduction to the market, then to a stage when the market rapidly grows and stands saturated just after attaining maturity (Stark, 2019). Subsequently, the market drops, and demand for the products starts to decline for many reasons.
Smartphones are useful in many ways, including communication and getting news and updates, but they follow a predetermined life cycle, which shall be discussed in this paper.
Mobile phones were introduced slowly over a long period, between 1985 and 1997. The device was regarded as a preserve for the city financiers or young upwardly mobile people. According to Pettinger (2020), smartphones recorded a significant growth between 1998 and 2010 as the subscription increased to 74%, from the initial 25%. This spike in consumption indicates that smartphones started to be an essential possession.
The maturity period was witnessed in the late 2000s when nearly everybody in society could afford them. By 2009, it appeared that this technology had hit its peak and market saturation; it recorded a constant rate of usage at 130% (Pettinger, 2020). It is unlikely to see a total decline in smartphone subscriptions. However, old traditional phones’ popularity has dropped because of the surge of new devices. Stark (2019) claims that during the maturity period of a product, the sales decline because of its saturation in the market. The reason for this could be that the high price leads to low demand. Also, the product loses consumer appeal, which adversely affects its sales (Udroiu & Bere, 2018). Therefore, the maturity stage represents many changes in the life cycle of a product.
In conclusion, a product undergoes many transitions in the life cycle curve. The first phase is introduction in which a product is presented to the market through ads and promotions. The growth stage represents an increase in the demand for the product since consumers are using it. During the maturity period, a product’s sales depend on the forces of demand and supply, but the former reduces at this stage. The last phase is declining, which is inevitable for most products, due to a decrease in the number of sales. Therefore, smartphones undergo these transitions in the life cycles, as do other products.
References
Pettinger, T. (2020). Mobile Phone – Product Life Cycle – Economics Help. Economics Help. Web.
Stark, J. (2019). Product lifecycle management (Volume 1): 21st century paradigm for product realization. Springer Nature.
Udroiu, R., & Bere, P. (2018). Product lifecycle management: Terminology and applications. BoD – Books on Demand.