marketing lesson 3 Flashcards
Product life cycle steps in order
- Introduction
2.Growth
3.maturity
4.Decline
Introduction Definition
A new product is introduced into the market.
Growth Definition
Product is successful as the market grows and competition enters the market.
Maturity Definition
Sales flatten. The market is saturated meaning that all customers who want the product have it so manufacturers are now competing for existing customers.
Decline Definition
Consumers have decided that the product no longer satisfies their needs, or they discovered new and better products
product for decline
Nothing new, Not worth redesigning
product for maturity
Start cost cutting. Improvements are already done.
product for growth
Make improvements to keep up with others.
product for introduction
It is very different from existing products so customers don’t realize how it can satisfy their needs.
price for introduction
High pricing because 0 competition
price for growth
Price lowered because competition.
price for maturity
Lower as result of mass competition
price for decline
As low as it can while still making a profit
Place for decline
Where there may be a market for the product or a new market has been located
place for maturity
Global as result of market saturation
