Life Cycle Concept Flashcards
1
Q
Introduction
A
- Company, product or service new to the market
- Revenue is low because market is unfamiliar with the company
- Market resistant to change
2
Q
Growth
A
- Market is aware of the company, product or service
- Revenue increases at a rate consistent with industry
3
Q
Maturity
A
- Competition increases as market is saturated with similar products or services
- Revenue remains somewhat stable
4
Q
Renew
A
- Organizations may renew by offering new products or services
- Organizations may renew by streamlining business operations to better manage expenses
5
Q
Decline
A
- Demand for products or services decrease
