Product Lifecycle Flashcards
1
Q
What is the product life cycle
A
Shows the different stages that a product passes through and the sales that can be expected as a graph
2
Q
Introduction
A
The product is brought into the market , people are testing it out. Sales are not high because it’s brand new
3
Q
Growth
A
People start to hear about the product, brings sales up
4
Q
Maturity
A
Product is well known and the sales are high as more people want to buy it
5
Q
Saturation
A
Other companies begin to bring out similar products which will create a competitive market
6
Q
Decline
A
The products dying as new ones come out, sales will go down.
