Changing markets

It is necessary to appreciate that we cannot have a constant market. Markets do change. There are very few markets which are the same today as they were ten years ago. Consumer attitudes, competitive pressures, socio-economic changes all make it vital for each company to keep in its toes. This means that it is certain that once a product is born, it matures and eventually dies. To explain this, a simple product life cycle technique has been invented. But in spite of this, there are countless examples of 50 year old or even 100 year old products or brands growing stronger and str0nger each year. Are they not subject to product life cycle? Does a product have a perpetual life? However, product-life-cycle approach and an appreciation of changing markets make us anticipate the change and respond to them. No market, in fact, in the world has remained the same as it was ten years ago and whole remain the same ten years hence.