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OCR Business > Topic Six, Part 9 - Product Life Cycle > Flashcards

Topic Six, Part 9 - Product Life Cycle Flashcards

1
Q

What is the product life cycle?

A

The stages products go through from development to withdrawal from the market

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2
Q

What are the uses for a product life cycle?

A
  • How much revenue will be earned over time

- Identify when a product needs support

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3
Q

What is the first stage of the product life cycle?

A

Development

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4
Q

What is involved in the development stage of the product life cycle?

A 
R&D
Test Marketing
Marketing campaign
Creative thinking 
Futures thinking
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5
Q

What is involved in the introduction stage of the product life cycle?

A

promotion campaigns
Target specific market segments
Monitor initial sales

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6
Q

What is the second stage of the product life cycle?

A

introduction

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7
Q

What is the third stage of the product life cycle?

A

growth

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8
Q

What is the fourth stage of the product life cycle?

A

Maturity

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9
Q

What is involved in the maturity stage of the product life cycle?

A

Decline in marketing
low sales growth
high market share

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10
Q

What is the fifth stage of the product life cycle?

A

Saturation

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11
Q

What is involved in the saturation stage of the product life cycle?

A

Develop new marketing strategies

Adapt the product

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12
Q

What is the final stage of the product life cycle?

A

Decline/withdraw

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13
Q

What is involved in the decline stage of the product life cycle?

A
  • Product outlives its usefulness

- Cost of supporting starts to rise too far

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14
Q

What is an extension strategy?

A

A medium to long-term plan for lengthening a products life cycle

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15
Q

What are some extensions strategy?

A
  • Redesigning the Product

- Adding extra features

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OCR Business (72 decks)

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