UNTI 2.7

Question 1

What are the stages of product life?

Answer 1

1. Introduction (and evolution):
   - The early stages of a product line (and new versions)
2. Growth:
   - The popularity in the product rises and sales build
3. Maturity:
   - Sales peak and the product finds its place in the market
4. Decline:
   - Product’s popularity recedes

Question 2

When is the most profit made?

Answer 2

During the maturity phase. So staying in this phase for as long as possible is the goal

Question 3

What does obsolescence mean?

Answer 3

the process or fact of becoming old-fashioned and no longer useful

Question 4

What happens in the evolution stage?

Answer 4

once a product is introduced to the market there is a settle in period where issues occur

Question 5

What should happen in the growth stage?

Answer 5

continued advertising and promotion to keep sales buoyant and help product recognition

Question 6

what happens in the maturity stage?

Answer 6

The product may evolve or be suspended by a newer model, often causing a facelift to keep it fresh and in fashion. Market competition may increase and slow sales growth

Question 7

What happens in the decline stage?

Answer 7

leads to less investment in further development.
product may not be successful in the consumer opinions.
External events may trigger decline, such as government ruling , environmental issues