The product lifecycle

Question 1

What are the five stages of the product lifecycle?

Answer 1

1. Introduction
2. Growth
3. Maturity
4. Saturation
5. Decline

Question 2

Define Introduction.

Answer 2

Build product awareness.
Focus on advertsiing and marketing.
Test distribution channels
Educating potential customers

Question 3

Define Growth.

Answer 3

Demand and profit growth.
Market for the product is expanding
Competition developing
Establishing brand presence
Opening new distribution channels

Question 4

Define maturity.

Answer 4

Remain competitive
Improve efficiency and learn from mistakes
Campaigns focused on differentiation
Cost of production declines
Continuous product improvement

Question 5

Define saturation.

Answer 5

Remain competitive
Improve efficiency and learn from mistakes
Campaigns focused on differentiation
Cost of production declines
Continuous product improvement

Question 6

Define decline.

Answer 6

Sales decrease
New trends emerge
Focus on nostalgia
Look to other countries
here you might see discounts, bundles etc in an attempt to maintain product sales