Product Life Cycle And Product Obsolescence

Question 1

planned obsolescence

Answer 1

a policy of producing consumer goods that rapidly become obsolete and so require replacing, achieved by frequent changes in design, termination of the supply of spare parts, and the use of non-durable materials.

Question 2

Product lifecycle

Answer 2

The product life cycle is an important concept in marketing. It describes the stages a product goes through from when it was first thought of until it finally is removed from the market. Not all products reach this final stage.

Question 3

Products life (9 in order)

Answer 3

1. Material extraction
2. Material processing
3. Manufacturing
4. Packaging and transport
5. Useful life
6. End of life
7. Reuse
8. Disposal
9. Recycling

Question 4

Material extraction

Answer 4

When raw materials are found in the earth and mined to use in the making of products

Question 5

Material processing

Answer 5

Raw materials must be treated, processes before companies can use them to make products.
E.G. copper is mined, ground, heated and treated to isolate pure metal

Question 6

Manufacturing

Answer 6

Combining components and materials to make a product come together.
E.G. adding components to a circuit board for a product to work with electronically

Question 7

Packing and Transportation

Answer 7

When finished products are boxed and moved by plane, truck or rail. products are boxed for protection and identifies the contents

Question 8

Useful life

Answer 8

When a product has been used for a length of time until it becomes unusable. you can extend life of a product by taking care of it.

Question 9

End Of life

Answer 9

When you no longer need or want a product

Question 10

Reuse

Answer 10

when companies accept products to dismantle and reuse certain raw materials

Question 11

Disposal

Answer 11

when companies accept working products and offer them to organisations

Question 12

Recycle

Answer 12

when products are thrown in rubbish that results in landfill or incineration

Question 13

planned obsolescence examples

Answer 13

iPhone X - will eventually die out because people will buy a new phone
Revision textbook - after topic have completed your degree etc. you will no longer need the book

Question 14

Product lifecycle stages (4)

Answer 14

1. Introduction
2. Growth
3. Mature
4. Decline

Question 15

Introduction Phase

Answer 15

Once a product has been developed, the first stage is its introduction stage. In this stage, the product is being released into the market. When a new product is released, it is often a high-stakes time in the product’s life cycle - although it does not necessarily make or break the product’s eventual success.

Question 16

Growth Phase

Answer 16

By the growth stage, consumers are already taking to the product and increasingly buying it. The product concept is proven and is becoming more popular - and sales are increasing.

Question 17

Maturity

Answer 17

When a product reaches maturity, its sales tend to slow or even stop - signaling a largely saturated market. At this point, sales can even start to drop. Pricing at this stage can tend to get competitive, signaling margin shrinking as prices begin falling due to the weight of outside pressures like competition or lower demand. Marketing at this point is targeted at fending off competition, and companies will often develop new or altered products to reach different market segments.

Question 18

Decline

Answer 18

Although companies will generally attempt to keep the product alive in the maturity stage as long as possible, decline for every product is inevitable.

Question 19

Apple iPhone product lifecycle example

Answer 19

Introduction - iPhone X
Growth - IPhone 8
Mature - IPhone 6s
Decline - IPhone 4s

Question 20

Extending product lifecycle examples

Answer 20

Coca Cola
- limited time products
Vanilla Coke, cherry coke