Page 4: Product life-cycle
All products experience a life-cycle. This takes the form of a staged product launch, followed by a period of sustained growth up to maturity, and then finally a decline in sales as product strength diminishes. The length of the life-cycle is not the same for all products, but it is usually many years. With careful nurturing, a product's life-cycle can sometimes be extended.
Following its success in the 1980s, the Phileas Fogg brand showed signs of slower growth in the 1990s. This was mainly because:
- new competitors had entered the field, supported by heavy investment and clever marketing e.g. Doritos, Kettle Chips and Pringles
- the original Phileas Fogg proposition based on the idea of a Victorian gentleman travelling around the world with his manservant Passepartout had become outdated and lacked relevance
- the strong levels of creativity and innovation that characterised the Phileas Fogg brand in the 1980s and early 1990s had diminished in recent years.
It was clear that if Phileas Fogg was to re-discover its early vigour and success then a new approach to marketing and innovation was required.