5.5

Question 1

Stages of the product life cycle

Answer 1

launch, growth, maturity, decline

Question 2

Obsolescence

Answer 2

When a product becomes out of date and no longer used or needed

Question 2

Planned obsolescence

Answer 2

A product becomes outdated as a conscious act

Question 3

List the advantages for the consumers when companies introduce new versions of a product

Answer 3

1.Improved customer choice (version/ budget wise)
2.Variety will lead to an increase in sales since the customer base increases

Question 4

List the disadvantages of planned obsolescence

Answer 4

1.Constantly purchase new/ additional products
2.Unnecessary waste is created which has environmental implications
3.Don’t have the ability to make repairs on their produc

Question 5

Explain the predictability of the product life cycle

Answer 5

The product life cycle is often predictable for products with technology. However, with consumers/ fashion related trends it is far more challenging to predict since it has to do with changes in consumer preference and taste

Question 6

Why do companies revisit products?

Answer 6

to make improvements to existing products rather than entirely creating new products from scratch