Product Life Cycle Flashcards
1
Q
What is it?
A
All the distinct phases or stages a product goes through
2
Q
List the states
A
- Development
- Introduction
- Growth
- Maturity
- Decline
3
Q
Development
A
Product is not on the market and is being developed and researched
4
Q
Introduction
A
Product is launched and advertising costs are high
5
Q
Growth
A
Sales rise, advertising costs still high, may be in profit
6
Q
Maturity
A
Sales at peak, product well established
7
Q
Decline
A
Sales fall
8
Q
How to extend
A
Change product, price, place or promotion
