Graphics - Product Life Cycle

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Find a Gap in the Market...

  • Process usually starts when someone finds a gap in the market. This means a product isn't available to meet people's needs. (Pop up recipe books for example)
  • The next stage is: hiring a designer who designs a product to fill the gap
  • New product is then manufactured and sold

...And Then Decide Who Your Target Group Is

  • Work out what group of people you want to sell the product to (target market). Grouping people by things like - age, job, hobbies, income - is useful
  • You have to design the product with your target market in mind
  • And then aim your marketing - so advertising - at them

Every Product Has A Life Cycle

(http://www.quickmba.com/images/marketing/product/lifecycle/plc.gif)

  • Introduction - New product is launched. This is expensive as you need to pay the designer and pay for marketing
  • Growth - Sales go up if the product is a success, manufacturing costs go down, profits…

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