Product Life Cycle Flashcards

1
Q

What does the life cycle show?

A

The sales of a product overtime

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2
Q

Why is the life cycle valuable?

A

For planning marketing strategies and changing the marketing mix

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3
Q

What is the 1st stage of the product life cycle?

A

Development

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4
Q

What happens in development?

A

R&D develop the product and marketing does research

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5
Q

What is the 2nd stage of PLC?

A

Introduction

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6
Q

What happens in introduction?

A

Product is launched and promoted heavily

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7
Q

What is the 3rd stage of the PLC?

A

Growth

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8
Q

What happens in Growth?

A

Sales grow fast and there are repeat customers. Improved or developed product

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9
Q

What is the 4th stage in the PLC?

A

Maturity

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10
Q

What happens in maturity?

A

Sales reach a peak and start to drop

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11
Q

What is the 5th stage in the PLC?

A

Decline

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12
Q

What happens in decline?

A

Doesn’t appeal to customers - sales fall and profits decrease

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13
Q

What are extension strategies?

A

Strategies to prolong the life of the product by changing the marketing mix

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14
Q

What is product development?

A

Improve or redesigning a product.

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15
Q

What is market development?

A

Businesses find new markets or new uses for existing products

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16
Q

Why do businesses need to know what stage of the PLC is at?

A

To adapt the MM correctly

17
Q

How does the promotion of a product change during its life cycle?

A

By demand