product life cycle

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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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