Product life cycle Flashcards
describe the different stages
what is the first stage of the Product life cycle?
Development
what happens in the Development stage?
negative cash flow
what is the second stage of the Product life cycle?
Introduction
what happens in the Introduction stage of the product life cycle?
charge of a high price
what is the third stage of the Product life cycle?
Growth
what happens in the Growth stage of the product life cycle?
profits happen as production levels reduce in cost
what is the fourth stage of the product life cycle?
Maturity
what happens in the Maturity stage of the product life cycle?
sales stabilise
what is the fifth stage of the product life cycle?
Decline
what happens in the Decline stage of the product life cycle?
product starts to lose sales
what is the final stage of the product life cycle?
Extension
what happens in the Extension stage of the product life cycle?
the product is adapted to be given a new lease of life
how can a product be extended?
updating packaging, adding extra features, lower pricing, adding new colour, new flavour
