product life cycle Flashcards
1
Q
what is product life cycle
A
a predict of a products life within stages
2
Q
what are the product life cycle stages
A
introduction
growth - awareness
maturity - peak
decline - no demand
product extension - developed
3
Q
why does decline occur
A
competition
product development failure - lack of ability to follow trends
technology advancements
4
Q
what are the 3 product life expectancy’s
A
fad - rapid growth, steep decline (fidget spinners)
fashion - follow trends (crocs)
basic - substantial need (cars, fridges)
