Product Life Cycle

Question 1

What is the product life cycle?

Answer 1

The stages a product goes through from when it was first thought of until it is removed from the market.

Question 2

What are the five stages of the product life cycle?

Answer 2

1. Research and development
2. Introduction
3. Growth
4. Maturity
5. Decline

Question 3

What are the advantages of using the product life cycle?

Answer 3

1. Helps managers plan
2. Helps to formulate the marketing mix
3. Helps determine when to discontinue products which are declining below market average

Question 4

What are the disadvantages of using the product life cycle?

Answer 4

1. Not all products go through every stage
2. Can’t predict how long each stage will last
3. Can only focus on one product per diagram