Marketing 3.01 b -_product_life_cycles

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Marketing 3.01 b -_product_life_cycles

  1. 1. 3.01-B Product Life Cycles
  2. 2. Intro• What is a product that has been around for as long as you can remember?• How has it changed over the years?
  3. 3. Product Life Cycle• Product Life Cycle represents the stages that a product goes through during its life.• There are 4 Stages of Life Cycle:• 1. Introduction• 2. Growth• 3. Maturity• 4. Decline
  4. 4. Product Life Cycle• What are the goals of the Introduction Stage?– To increase product awareness– Get the customer’s attention thru promotion– Lots of special promotion• During Growth Stage:– Customers are aware of product, sales increase– Companies focus on customer satisfaction– Competition starts from other companies
  5. 5. Product Life Cycle• What happens during Maturity Stage? – The product’s sales level off. More money is spent on competition during this stage.• Discussion: Have class to choose a mature product• Discuss how company is managing: 1. Competition 2. Advertising 3. Distribution – Is it only sold at 1 place 4. Other Strategies they have put in place
  6. 6. The life product cycle model Development Growth Maturity Decline Few: Growing adopters: Growing selectivity Saturation of Drop-off trial of trial of of purchase users in usage early product/service Repeat purchase adopters reliance Entry of May be many Fight to maintain Exit of some competitors share competitors
  7. 7. Product Life Cycle• During the Decline Stage: – Sales start to decline. A company must decide to alter the product, discount, or discontinue product.
  8. 8. Product Life Cycle• Sources: –Marketing Essentials –Marketingteacher.com –Google

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