Product Lifecycle Flashcards
1
Q
What is the product lifecycle?
A
The length of time a product lasts on the market.
2
Q
What are the four stages of the product life cycle?
A
Introduction, growth, maturity and decline.
3
Q
What is introduction?
A
The stage where the product is crated and introduced to the market.
4
Q
What is the growth stage?
A
When the customers begin to show interest in your product and it increases in sales.
5
Q
What is maturity?
A
When the products growth levels begin to balance out from the growth period before.
6
Q
What is the decline stage?
A
When a products sales and market share start to rapidly decrease as the product becomes obsolete.
