Product Life Cycle (Edexcel A-Level Business): Flashcards
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Product life cycle
Product life cycle
Model showing how product sales performance changes over time
Development stage revenue
Development stage revenue
Zero revenue - no sales occur during this phase
Introduction stage sales pattern
Introduction stage sales pattern
Slow initial sales as consumers become aware of product
Growth stage profitability
Growth stage profitability
Product becomes profitable for the first time
Maturity stage market condition
Maturity stage market condition
Market becomes saturated with competitors
Decline stage causes (3)
Decline stage causes (3)
Changing preferences, new technology, superior replacements
Extension strategies purpose
Extension strategies purpose
Techniques to prolong product life and delay decline phase
Product adjustment types (4)
Product adjustment types (4)
Updating, improvements, extending range, repackaging
Promotion extension strategies (4)
Promotion extension strategies (4)
New uses, new markets, advertising, more frequent use
When to use extension strategies
When to use extension strategies
During maturity stage, before decline begins