Product Life Cycle Flashcards by Gold Xiong

Q

Introduction: Objective

A

Great product awareness and trial

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Q

Growth: Objective

A

Maximize market share

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Q

Maturity: Objective

A

Maximize profit while defending market share

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Q

Decline: Objective

A

Reduce expenditure and milk the brand

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Q

List the order of greatest cost to least cost

A

Introduction
Growth
Maturity
Decline

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Q

Introduction: Product

A

Offer a basic product

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Q

Growth: Product

A

Offer product extensions, services, warranty

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Q

Maturity: Product

A

Diversify brands and models

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Q

Decline: Product

A

Phase out weak items

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Q

Introduction: Price

A

Charge cost-plus

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Q

Growth: Price

A

Price to penetrate market

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Q

Maturity: Price

A

Price to match or best competitors

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Q

Decline: Price

A

Cut prices

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Q

Introduction: Distribution

A

Build selective distribution

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Q

Growth: Distribution

A

Build intensive distribution

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Q

Maturity: Distribution

A

Build more intensive distribution

Q

Decline: Distribution

A

Go selective; phase out unprofitable outlets

Q

Introduction: Advertising

A

Build product awareness among early adopters and dealsers

Q

Growth: Advertising

A

Build awareness and interest in the mass market

Q

Maturity: Advertising

A

Stress brand differences and benefits

Q

Decline: Advertising

A

Reduce to level needed to retain hardcore loyals

Q

Introduction: Sales Promotion

A

Use heavy sales promotion to entice trial

Q

Growth: Sales Promotion

A

Reduce to take advantage of heavy customer demand

Q

Maturity: Sales Promotion

A

Increase to encourage brand switching

Decline: Sales Promotion

Reduce to minimal level