Topic Six, Part 9 - Product Life Cycle

Question 1

What is the product life cycle?

Answer 1

The stages products go through from development to withdrawal from the market

Question 2

What are the uses for a product life cycle?

Answer 2

• How much revenue will be earned over time

- Identify when a product needs support

Question 3

What is the first stage of the product life cycle?

Answer 3

Development

Question 4

What is involved in the development stage of the product life cycle?

Answer 4

R&D
Test Marketing
Marketing campaign
Creative thinking 
Futures thinking

Question 5

What is involved in the introduction stage of the product life cycle?

Answer 5

promotion campaigns
Target specific market segments
Monitor initial sales

Question 6

What is the second stage of the product life cycle?

Answer 6

introduction

Question 7

What is the third stage of the product life cycle?

Answer 7

growth

Question 8

What is the fourth stage of the product life cycle?

Answer 8

Maturity

Question 9

What is involved in the maturity stage of the product life cycle?

Answer 9

Decline in marketing
low sales growth
high market share

Question 10

What is the fifth stage of the product life cycle?

Answer 10

Saturation

Question 11

What is involved in the saturation stage of the product life cycle?

Answer 11

Develop new marketing strategies

Adapt the product

Question 12

What is the final stage of the product life cycle?

Answer 12

Decline/withdraw

Question 13

What is involved in the decline stage of the product life cycle?

Answer 13

• Product outlives its usefulness

- Cost of supporting starts to rise too far

Question 14

What is an extension strategy?

Answer 14

A medium to long-term plan for lengthening a products life cycle

Question 15

What are some extensions strategy?

Answer 15

• Redesigning the Product

- Adding extra features