Product life cycle
- Created by: stormrogersdavis
- Created on: 10-12-18 18:21
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Clues
- During the development of a product the firm will undertake generation of ideas, product development, test marketing and launch. (5, 3, 11)
- Eventually the sales of a product will fall as popularity declines. At this stage companies must make a decision to either live with lower profits or launch and new one. (5, 4, 7)
- Product is new to the market. Usually sales are slow at first as shops are often not keen to stock and unknown product. (5, 3, 12)
- Technology push is when research and development in new technology, drives the development of new products. (10, 4)
- The firm will hope to make a profit and sales stabilise, sales begin to level off. The market becomes saturated with competitors- often these may be better than the original product. (5, 4, 8)
- The product gets more popular and well known as advertising starts to take effective and the consumers start to see the benefits of the new product or technology. (5, 5, 6)
- The term ‘Market Pull’, refers to the need/requirement for a new product or a solution to a problem, which comes from the market place. (6, 4)
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