product life cyle

Question 1

product life cycle

Answer 1

the stages a product passes through: introduction, growth, maturity, decline and extension

Question 2

introduction stage

Answer 2

a business seeks to build product awareness and develop a market for the product.
Pricing may be low to build market share

Question 3

growth stage

Answer 3

the business seeks to build brand preference and increase market share.
Distribution channels are added, broader consumer audience

Question 4

maturity stage

Answer 4

the strong growth in sales decreases. Competition may appear with similar
products. The primary objective as this point is to defend market share while maximising
profits.

Question 5

decline stage

Answer 5

product no longer appeals to the customer, due to newer, or more technologically advanced products being introduced

Question 6

extension stage

Answer 6

a strategy is used to increase the market share for a given product or
service and thus keep it in the maturity phase of the marketing product lifecycle rather than going into decline.