list the 5 stages of the product life cycle
- introduction
- growth
- maturity
- decline
- extension
what is the introduction stage?
product is establishing itself
what is the growth stage?
sales growing rapidly and profit grows
what is the maturity stage?
product sales stay reasonably stable
what is the decline stage?
sales decline
what is the extension stage?
strategies to delay decline
list the two strategies in the extension stage
- line extension
- brand extension
what is line extension?
extending the product by adding a new colour of flavour
what is brand extension?
well known brand name extends into different product range
what is the product life cycle?
the stages a product goes through, in terms of sales, throughout it’s commercial life
what is commercial life?
amount of time a product is on sale for
list 3 strategies used to prevent a product decline
- pricing strategies, reduce or add offers
- innovate, add new features
- target new consumers
what is market share?
revenue earned by one brand in a year in comparison to total market size
what is market size?
total revenue earned by sales of product in year
