Product Life Cycle Flashcards
1
Q
The 4 stages to a Product life cycle are:
A
1) Introduction
2) Growth
3) Maturity
4) Decline
2
Q
The Introduction stage is…
A
When a new product is launched into a market, and has a low amount of sales but little amount of competition
3
Q
The growth stage is…
A
When the product starts to gain customer awareness and gain more sales
4
Q
The maturity stage is…
A
When the sales of the product peak and the product is at its best
5
Q
The decline stage is…
A
When sales start to fall resulting in lower profits. (This can be due to the product or even the market)
