2:3 - Product Flashcards
1
Q
What is a product?
A
The goods or service that a business offers.
2
Q
What is the product life cycle?
A
- Introduction
- Growth
- Maturity
- Saturation
- Decline
3
Q
Explain the introduction stage.
A
Lots of emphasis placed on advertising the product to create desire for it. Sales typically slow but increase rapidly.
4
Q
Explain the growth stage.
A
Sales grow rapidly. Increased sales means that the producer can cover the research and development stage and market the product less.
5
Q
Explain the maturity stage.
A
Competition will be intense. Sales won’t increase and advertising will be increased. Companies may think about making a new product.
