The retail life cycle concept states that retail institutions--like the goods and services they sell--pass through identifiable life stages: introduction (early growth), growth (accelerated development), maturity, and decline. The product or service life cycle is determined by how long it’s marketable. The Product Life-cycle (PLC) describes the stages of a product from launch to being discontinued.

When an idea for a product comes up with a company, a lot of things have to be set in motion. This is what is commonly termed as the retail life cycle. Retail chain operations managers can make their stores and chains more profitable simply by understanding the retail product life cycle better. Retail Life Cycle A theory of retail competition that states that retailing institutions, like the products they distribute, pass through an identifiable cycle. As the product moves through the stages of the life cycle, the firm must keep revising the marketing mix to stay competitive and meet the needs of target customers. Tracking the life cycle of your product or service is key to determining performance and profits. The retail life cycle theory holds that retail institutions experience the cycle of innovation, growth, maturity and decline, like goods and services that they sell. The product life cycle is the course of the life of a product from when the product is in development to after it has been removed from the market. Retail Store Life Cycle To survive as an independent retail store, you know you must lure customers away from the low prices of big-box stores. As with the product life cycle, Retail life cycle theory holds that retail organizations have the life cycle of innovation, growth, maturity and decline, which is a periodic cross cycle. The ‘Retail Life Cycle’ is a theory about the change through time of the retailing outlets. This cycle can be partitioned into four distinct stages: (1) innovation, (2) accelerated development, (3) maturity, and (4) decline. Innovation 2. Product life cycle also plays a critical role in marketing strategy. Decline.

Theories of Retailing, Retail Life Cycle Dr. Parveen Nagpal 2. The sales cycle stages can be as short as a few minutes or last as long as a couple months, but in general, every sales cycle follows a form of the seven stages above. This paper describes a simple method to Product Life Cycle: The product life cycle describes the period of time over which an item is developed, brought to market and eventually removed from the market. Just as businesses go through stages, so do products and services. Learn how you can use the Product Life-cycle model to project changes in the perception and use of your products. Retail Life Cycle The process of growth and decline that retail outlets, like products, experience is described by the retail life cycle. In general, there are five distinct life cycles for any retail product. Learning and practicing the sales cycle and refining your technique will help you increase sales and grow your business. The direction and speed of institutional changes can be interpreted from this concept. Creative offerings help you do just that.

From the time prototype is ready to the time the finished products are launched and ready the sale, there has to be a life cycle of production processes. Maturity 4. 3. It is a strategy tool that helps companies plan for new product development and refine existing products. 14. As mentioned earlier with Starbucks, it is possible to move from one stage to another in either direction, at any time, or to even skip stages. The product life cycle is a pattern of sales and profits over time for a product (Ivory dishwashing liquid) or a product category (liquid detergents). Below is an overview of the product life cycle stages and how any retailer can use these stages to profit their business. Theories of retailing, Retail Life Cycle 1.

• This is commonly termed as the Retail Life Cycle. Development 3. It is claimed that the retail institutions show an s-shaped development through their economic life. Retail life cycle refers to the process of growth and decline that retail outlets, like products, experience which consists of the early growth, accelerated development, maturity, and decline stages The four stages of the retail life cycle are Radio Shack, Office Depot and JC Penney are retail stores in the Decline phase of the life cycle with their latest announcements of store closing. This life cycle is referred to as the product life cycle.

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