product life cycle
- Created by: Charlotte_Land15
- Created on: 07-01-16 11:28
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- Product life cycle
- Introduction, growth, Maturity, decline
- Introduction: researching, Developing and launching the product
- Growth: When sales are increasing at their fastest rate
- Maturity: Sales are near the highest but the rate of growth is going down. e.g new competitors in market or saturation
- Decline: Final stage of the cycle where sales begin to fail, This can be illustrated by looking at the sales during the time period of the product
- Extending the product life cycle
- Extension strategies, Advertising Price reduction, Adding value, explore new markets, new packaging
- Advertising: try to gain a new audience or remind the current audience
- Price reduction: more appealing to customers
- Adding value: Add new features to a current product e,g improving the specifications on a smart phone
- New packaging; brightening it up or making subtle changes
- Explore new markets: Selling the product into new geographical areas creating a version targeted at different segments
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