Unit 6-D (product life cycle) Flashcards
What are the 4 stages of the product life cycle?
Introduction
Growth
Maturity
Decline & Replacement
What are key parts of the introduction phase of the product life cycle?
Product Is launched
Very good publicity
If “tech push” extra publicity needed
What are key parts of the growth phase of the product life cycle?
Sales grow
Advertising still important
What are key parts of the maturity phase of the product life cycle?
Sales maximum
Product is deemed desirable
Must be sustained for as long as possible to increase profits
What are key parts of the decline & replacement phase of the product life cycle?
Sales diminish
Interested people have already bought
New model expected or necessitated through planned obsolescence
What causes the evolution of products?
New ideas
New production methods
New materials
New technology
Markets needs change
How much did Apple spend on R&D in 2015?
$2.5 Bn
What 6 values affect product design decisions?
Technical
Economic
Aesthetic
Social
Environmental
Moral
How does the product life cycle affect the technical values of a product?
Technical requirements and expectations evolve
How has the product life cycle affected the technical values of the smartphone?
Introduction – 1st iPhone’s touchscreen was a technological leap
Growth – Competition grew, continued improvement processing power etc.
Maturity – Advancements plateaued, small incremental improvements
Decline & Replacement – Older models phased out even if they still function
How does the product life cycle affect the economic values of a product?
Pricing strategies, cost management and profit margins will change
How has the product life cycle affected the economic values of the electric car?
Introduction – Expensive, high R&D and manufacturing costs, limiting market
Growth – More popular, economies of scale reduced cost, broader audience
Maturity – Competitive pricing, production efficiency, government incentives increased economic viability
Decline & Replacement – Older models became obsolete, worse price and range
How does the product life cycle affect the aesthetic values of a product?
Shape, colour and style change as market tastes evolve
How has the product life cycle affected the aesthetic values of the Nike Air Max?
Introduction – Revolutionary air cushion, style became visual icon
Growth – Popularity grew, new colours and collaborations introduced
Maturity – Design refined but core aesthetic maintained
Decline & Replacement – Old models loose mainstream appeal
How does the product life cycle affect the social values of a product?
A product could shift from a disruptor to a mainstream staple
Norms, trends or behaviours can change due to the product
How has the product life cycle affected the social values of Facebook?
Introduction – Disrupted traditional methods of social interaction
Growth – More people joined, shaped how people interact
Maturity – Integrated into daily life for billions
Decline & Replacement – Younger generation favoured other platforms, social relevance declined
How does the product life cycle affect the environmental values of a product?
Products must address their impact on the environment
How has the product life cycle affected the environmental values of plastic packaging?
Introduction – Technical breakthrough for cost and durability
Growth – Widely adopted in many industries for versatility and low cost making it more economically efficient
Maturity – Awareness of plastic waste grew, concerns grew, alternative packaging introduced
Decline & Replacement – Regulations and consumer choice pushed companies to move to sustainable alternatives
How does the product life cycle affect the moral values of a product?
As a product moves through the cycle the public scrutiny will increase
How has the product life cycle affected the technical values of fast fashion?
Introduction – Brands like Primark disrupted industry by turning trends into affordable garments
Growth – Demand grew, publicity increased, neglect of environment and morals came under criticism
Maturity – Awareness grew, pressure applied to change practices
Decline & Replacement – Sustainable and ethically produced clothing trend is growing, those who don’t adapt loose market share
Which values are most important in the early stages of the product life cycle?
Technical
Aesthetic
Which values are most important in the maturity stage of the product life cycle?
Economic
Social
Which values are most important in the decline stage of the product life cycle?
Sustainability
Ethical
