Topic 5.5: Product life cycle Flashcards
1
Q
Product life cycle
A
tool for mapping out the 4 stages of a product’s commercial life: launch, growth, maturity, decline
2
Q
Intro/launch
A
- only innovators are aware of it
- low sales
- monopoly/low competition
3
Q
growth
A
- Early adopters begin to use the products.
- sales and profits grow
- still a monopoly/low comp
- possible for inefficient producers to make a profit
4
Q
maturity/stabilization
A
- a lot of competition
- product differentiation
- saturated mkt
- only efficient producers
5
Q
decline
A
- sales and profit drop sharply
- public abandons the product
6
Q
obsolescence
A
processof becoming obsolete/outdated and no longer used
7
Q
tech obsolescence
A
new tech replaces old tech
