Product Life Cycle

Question 1

6 Stages

Answer 1

Research and development- seeing what is on the market, making the product
Introduction - Product is launched into the market
Growth- Consumers by the product an custom is built up
Maturity- When sales are at there peak
Decline- Product slowly becomes obsolete and price falls
Extension strategy- To try and stop a product becoming obsolete

Question 2

Extension strategy- Examples

Answer 2

• Update Packaging
• Adding more or different features
• Changing target market
• Advertising more
• Price Reduction