Product Life Cycle
- Created by: Chloe Stephens
- Created on: 18-04-13 14:14
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- Product life cycle p.18-21
- Definition
- the stages through which a product passes from its development to being withdrawn from sale.
- Phases of product life cycle
- research & development
- The process of scientific and technological research and then development of the findings of that research before a product is launched
- launching the product
- Sales rise
- Getting a product beyond this stage normall requires costly promotion activity.
- Introductionary price will help to push the product
- Heavily promote product to make target market aware of it
- growth
- Sales rise
- Selling price might be be reduced to customers
- Continued advertising around the brand name will help to sustain sales.
- maturity
- Sales flatten out
- Marketers might add added value onto the product at this stage
- E.g offering insurance or acessories
- saturation
- Sales start to decline
- Eventually likely to go into decline.
- Decline
- Sales decline
- Marketing can't save the product at this stage, but targeting a different and smaller segment can prolong its life.
- research & development
- Phases of product life cycle
- the stages through which a product passes from its development to being withdrawn from sale.
- Extension strategy
- Definition
- method used to increase the life of a product and prevent it falling into decline
- Definition
- Definition
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