7. Product Life Cycle Flashcards
(11 cards)
What are the stages of a products life cycle
- introduction
- evolution / growth
- maturity
- decline / removal
- extension or replacement
Describe the introduction of a product stage
- product is launched with appropriate marketing / publicity following market research
- sales start to take off
Describe the evolution. / growth of a product stage
Advertising helps increase sales to grow consumers move to this product from previous ones
Describe the maturity of a product stage
It is important to keep the product in this period of peak sales as long as possible
Describe the decline/ removal of a product stage
- consumers who wish to buy will have purchased the product
Eventually withdrawn
Describe the extension / replacement of a product stage
- updated , improved version is released to maintain sales
Examples of extension strategies ?
- Toyota Corolla , redesigned 11 times over 50 years
What is meant by demand pull ?
Designers respond to the demands of the consumers ( longer battery life )
What is meant by technology push ?
- research and developments costs lead to the release of new used
( marketing very important )
What is meant by planned obsolescence ?
- the design and manufacture of products requiring constant replacement on a regular basis
- factors might include unavailability of spare parts or software incompatibility
An example of a sustainable and customer friendly approach ?
The fair phone that is modular and upgradable ( to last a long time )
