chapter 8 Flashcards
product life cycle stages
1-introduction stage
2-growth stage
3-maturity stage
4-decline
5-goal
introduction stage
product enjoys minimal sales, profits, and competition
growth stage
a product moves into a period of rapid growth and profit increases
maturity stage
competition becomes more severe, consumers are presented with competitive products
decline stage
the products sales flatten out/decline
goal stage
manage products so they can extend the period of time they have until the decline
things that shorten life cycle
1- technological change
2-availability of mass communication vehicles
3-consumer products
high-learning products have..(personal computers)
-extended introductory period
-significant consumer education is required for it
low-learning products (Gillette’s Fusion razor)
-short introductory stage
-little consumer education required
fashion products
short lifecycle, yet always makes a comeback and resurfaces again a few years later
fad products
very short life cycle that have rapid growth as well as rapid decline
4 ways a product life cycle can be extended
-modifying the product
-modifying the market
-repositioning the product
-introducing a new product
modifying the product
-product improvement
-line extensions
modifying the market
-finding new customers
-increasing the products use
-creating a new situation
introducing a new product
example- beyond meat burger
