Product life cycle

Question 1

what effects a products life cycle?

Answer 1

technology change
consumer demand
company policy

Question 2

What are the four stages before withdrawal of a product?

Answer 2

Introduced
Growth
Maturity
Decline

Question 3

What is the introduction stage of a products life cycle?

Answer 3

most expensive stage (design, development, marketing, production and advertising cost)
Commercial viability of product assessed at this stage.

Question 4

What is the Growth stage of a products life cycle?

Answer 4

Product becomes established in market place and sale outlets increased
Any profits are invested into the development of new products
Competitors may also entermarket

Question 5

What is the maturity stage of a products life cycle?

Answer 5

Competitors becomes established (more options for the consumer)
Sales begin to drop
Market becomes saturated
New product should be launched

Question 6

What is the decline stage of a product life cycle?

Answer 6

sales fall dramatically

product is withdrawn from market (may be in competition with new product)