The product life cycle Flashcards
1
Q
the product life cycle
A
a series of events that a product goes through from the moment it enters the market until it becomes obsolete or replaced
2
Q
introduction stage
A
the product first enters the market,
a business will adapt its marketing strategies to increase customer awareness of its new product with the aim to increase sales and market share.
3
Q
growth stage
A
customers have accepted the product which will result in rapid sales growth
4
Q
maturity stage
A
a business’s product will reach the peak of it’s popularity before it starts to decline due to market saturation
5
Q
decline
A
A business will experience the steady decrease in sales as it’s products become obsolete or outdated.
