What is product life cycle in tourism?

What is product life cycle with example?

The home entertainment industry is filled with examples at every stage of the product life cycle. For example, videocassettes are gone from the shelves. DVDs are in the decline stage, and flat-screen smart TVs are in the mature phase. Nintendo is a good example of a company that manages its product life cycle well.

What are the stages of tourism life cycle?

According to the tourist area life cycle concept, a tourist destination progresses through five stages: exploration, involvement, development, consolidation, stagnation, and post-stagnation (see Figure 1).

Who explain the product life cycle?

The Product Life Cycle Theory is an economic theory that was developed by Raymond Vernon in response to the failure of the Heckscher-Ohlin model to explain the observed pattern of international trade.

What is a short product life cycle?

Abstract. ABSTRACT Many high-technology products are characterized by a “short” product life cycle (PLC)—a short life on the market, a steep decline stage and the lack of a maturity stage. The paper discusses the implications for marketing activities of this pattern in the case of small high-technology companies.

What is part of the product life cycle?

The stages which a product cycles through during its lifespan are: Development, Introduction, Growth, Maturity and Decline. The Product development stage is the first part of the Product Life Cycle.

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What are the six stages of tourism life cycle?

It suggests that the tourist destination life cycle goes through six stages; exploration, involvement, development, consolidation, stagnation and decline or rejuvenation (Bulter, 1980).

Which is the second stage in the product life cycle *?

There are four stages in a product’s life cycle—introduction, growth, maturity, and decline.