2.4 The Marketing Mix - Product Flashcards
1
Q
What are the stages of The Product Lifecycle?
A
Introduction, growth, maturity and decline.
2
Q
What is Introduction?
A
A product is first made avaliable for sale.
3
Q
What is Growth?
A
Sales are growing strongly.
4
Q
What is Maturity?
A
Sales are at their highest level.
5
Q
What is Decline?
A
Sales are falling.
6
Q
How can you Increase the Life of a Product?
A
Advertising a new product more widely can increase sales and extend the life of a product.
Reducing the price of a product can help maintain sales and extend the life of a product.
Selling in new markets (e.g. abroad) opens the product up to a wider range of new customers and so extends the life of the product.
