Chapter 2 Flashcards
1
Q
What are the 4 steps of a product life cycle?
A
-Introduction stage;
-Growth stage;
-Maturity stage;
-Decline stage.
2
Q
Explain further the introduction stage
A
Low sales, and cost per customer’s high, no profits but already competitors
3
Q
Explain further the growth stage
A
Sales increase and costs lower, profits higher as the number of customers but more competitors
4
Q
Explain further the maturity stage
A
Sales reach a peak and the cost is at the lowest, profits high and number of competitors stable
5
Q
Explain further the decline stage
A
Sales fall as profits and the number of competitors
6
Q
To what can we apply the product life cycle
A
To a product range or a market
