 Good afternoon everyone. This is Ravi Kumar this side. So this is my team from group four. Okay, we can move on to the next slide. Our topic is the product life cycle, which many of us know, but we would like to add some value addition to our knowledge. Surya, next slide please. Okay, PLC. Wow. Okay, so firstly coming to the definition of that the proper definition is it's basically a conceptual representation of product aging process like we have in the biological life cycle, the birth, the growth, the maturity and finally the death. So the example which I have mentioned is the common example which we see every day. A seed is planted which when we compare it to the product it is introduction phase and when it begins to sprout it is its growth phase when the product is gaining its maximum potential and when the plant shoots out its leaves and penetrates its roots deep into the soil it is. So finally when the product reaches its maximum stage it is the stage at which it draws the maximum revenue for the company. So it is the maturity phase after a long period of maturity then the adult begins to shrink and then die out which is referred to as the decline phase for a product as well as for a man as well as for the plant. So then coming to the stages of the product life cycle, we divide the life cycle into basically four stages. The first one is the introduction stage followed by the growth stage, the maturity stage and the decline stage. The further elaborations will be in the next slide. Coming to the introduction stage is actually the stage from if you take a product from the cradle to the grave, this is actually the cradle stage and this is actually the first stage where a product is launched. And if you see in this stage there are actually the characteristics are mostly there will be low and slow sales growth actually. So we are just introducing the product into the market. So we need actually we pay more in terms of advertising and marketing. We actually push the product into the market so that we actually gain a base, a consumer base. So for this we actually use two marketing strategies are used actually. The first one is price skimming and the next one is penetration pricing where the price is actually low and then it is gradually increased. And the next slide. Yes, and then growth stage, the second stage, once the market has accepted the product, sales begin to rise and the product enters its second stage that is growth stage. The product achieves considerable and widespread approval in the market. The sales and profits increases at an accelerated rate. And in this stage, effective distribution, sales and advertising promotion are considered as the key factors. And if the new product satisfies the market, the high profits attract the competitors to enter into the market with improved substitute products and the price remains the same or slightly decreased. So we have to come up with specific strategies at the growth stage like improving the product quality, adding new product features and improving the product style and entering into the new market areas are also and also reducing the price to attract more number of buyers and keeping more emphasis on customer satisfaction. These are the some of the strategies which we can apply during growth stage. Excellent. Now my friend Malavika will continue. Excellent. So next is about maturity stage. So after the introduction and in the introduction and growth stage, the company mainly focus over the establishment of market and for the growth of market. But when it reaches the next stage of maturity stage, it becomes saturated that is the demand is satisfied here. So the main challenge the company faces is about maintaining the market share that they have. So as we see in this graph it is found that the graph it goes to a peak then it suddenly declines the sales declines as there are very few additional customers that are that comes into the market after that. So the sales increases but at a very decreasing rate. So they need to face a clean competition which brings pressure on prices that is the price would be affected by the competition or lower demand in the market. So they move forward product modification that is the company look over innovative ways so that they could make their product more appealing to in order to maintain or even to increase their market share. So there will be a decline in profit margin due to the skin profit and the overall they try to maintain the market share over here. Excellent. Excellent. This is the final stage known as decline stage in this final stage sales begin begin to fall and the product is gradually replaced by new innovation. So basically there may be three reasons of this technical advancement change in consumer preference or increase competition. Now this stage is very crucial for the market here. Firstly, let's understand the characteristics of the stage. There will be rapid decrease in the sales decrease in the prices. No promotional expenses will be there and the suspension of production work. But now what what what what should the strategies of the market here in this stage. He should focus on improving the product in a functional sense. He should review the marketing and production programs. More emphasis on cost control techniques to generate profit means cut all costs to a minimum level. Okay. Economic packs or models may be introduced to revive the market. Adopt selective promotion of the product to reduce distribution cost. Packaging may be made more attractive and reusable packages. R&D efforts are increased to innovate the new product. And finally, sales incentive schemes are introduced to get dealers support. Thank you. Thank you team number. That's fantastic. Phenomenal. Well explained all that. It is so beautifully. Can we. Okay. Two minutes to end it. Close. Thank you. Close it. You did a great job already. Yeah, please. So this is the best example that we can show you because I mean by now all might have an understanding about the product life cycle. So if we can see the example of an Apple iPod which was introduced in 2001 it was a bit disruption kind of technology tool which has been introduced by Steve Jobs. So in 2001 it has been a big disruption which is the market introduction space. So we have shown this example because it is not the new MP3 player which was introduced then. MP3 industry is already existing at that time but it has been the introduced product at that time. And then we have seen the growth stage where it has. Thank you Ravi. That's great. I mean you know because now the time is already in that my request is I think you did a great job. No product is permanent. There is a life cycle and beautifully explained the stages. And at every stage companies will have to devise strategies to extend that stage or to continue to be in the business and to get the best out of the product moment. You did a great job. So just the last part of it is what is the importance of a product life cycle. So it is useful for product comparison with the help of which product lasts for long in terms of customer's life and that can be used to devise newer products. So it is helping product development as well. And in terms of sales forecasting it is very necessary because if we are able to forecast how much is the life cycle of this product we can make, increase sales. Productive planning control tool and the most important what I use is framing the marketing program. If we are having lower life cycle we can reduce our marketing program in such a way to increase it. At the same time if it is popular we can increase the price in order to get the more harvest in the same product. Thank you sir. So Bob, great job absolutely. Thank you so much.