Product life cycle Flashcards
What is product life cycle?
the pattern of sales recorded by a product from launch to withdrawal from the market and is one of the main forms of product portfolio analysis
What are the stages of the product life cycle?
Introduction
Growth
Maturity
Decline
What is the most important thing to do when in the introduction phase?
Promoting the product
What is a Consumer durable?
manufactured product that can be reused and is expected to have a reasonably long life, such as a car or washing machine
What should a firm do when their product is in decline?
Make a new product and change/add a feature with the product. Or simply withdraw the product from the market
What is a extension strategy?
These are marketing plans to
extend the maturity stage of the product before a brand
new one is needed
