Product Lifecycle and Packaging Flashcards
Four phases of product life cycle
Introduction, growth, maturity, decline
Product Lifecycle: Introduction stage
1st stage
Large investment in marketing and advertising
generally no direct competitors
Product Lifecycle: Growth Stage
growing demand and sales
competition starts to offer their version
Increase production
build brand
Product Lifecycle: Maturity Stage
Sales decrease or slow down
product as great name recognition
lower promotional costs
Company must decide if they will continue
Product Lifecycle: Decline stage
product no longer meets a customer need or want
sales fall below expense
Might be taken off market - CDs
Packaging design
part of product planning
helps identify and sell product
Can promote status
Customers remember the look
Packaging content
package content
directions for use
nutritional information
warnings
Functions of packaging
Shipping, storage - popcorn
Safety - child caps
blisterpacks - prevent shoplifting
Cause Packaging
promotes charities, ecological,
Product Labeling
Brand label - logo, name, trademark
Descriptive label - product use or care
Grade label - quality according to federal standard - AAA, prime
Product Life Cycle
length of time a product is introduced to the market to when it is taken off the shelves
