O# 4 The product life cycle Flashcards
1
Q
Product life cycle
A
Defines the stages that new products move through as they enter, get established in, and ultimately leave the marketplace and thereby offers marketers a starting point for their strategic planning.
2
Q
- Introduction
A
starts with a single firm and innovators
3
Q
- Growth stage
A
Product adopters
Rapid growth industry sales
Mk more segment
New products to new preferences
4
Q
- maturity stage
A
Adoption of product.. late majority
Intense competition price with the markets
Increase marketing cost
erode profits
5
Q
- decline stage
A
position for Niche statement or die hard consumers
Exit the market
6
Q
The shape of the product life cycle curve
A
bell shape sales and profits
Each product has own shape
