5.5 Product Life Cycle

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When a product becomes out of date and no longer used or needed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 3

Planned obsolescence

Answer 3

A product becomes outdated as a conscious act

Question 4

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

Answer 4

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

Question 5

List the disadvantages of planned obsolescence

Answer 5

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 products

Question 6

Explain the predictability of the product life cycle

Answer 6

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 7

Why do companies revisit products?

Answer 7

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