1.3.5 Product Life Cycle Flashcards
1
Q
What is the purpose of product life cycle
A
Marketing is more effective if firms know which state the product is at in its lifecycle
2
Q
What are the 5 stages of the product life cycle
A
Development, introduction, growth, maturity, decline
3
Q
What are extension strategies
A
Ways to increase the life of a product
4
Q
What is product adjustment
A
A change in the appearance of the product
Change the packaging
5
Q
What is promotion
A
Encourage more frequent use
Advertise the product more
Find new markets
6
Q
What are the 4 product lifecycle extensions
A
Modification of the product
Rebranding
Relaunch product
Promotion
