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Product Life Cycle
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Product Life Cycle

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  • 1. Product Life CycleFours stages of sales and profit performance in which all brands of a product progress
  • 2. Product Life CycleIntroduction• Brand new product enters market• Only 1 brand available to purchase• No competition• High costs of producing and marketing usually result in loss or low profits• Examples: vibram 10 finger shoes
  • 3. Product Life CycleGrowth• Other firms see opportunity• Several brands become available to purchase• Firms attempt to improve product by adding features• Most companies earn profit at this stage• Examples: cell phones, tablets
  • 4. Product Life CycleMaturity• Large # of customers• Many brands competing with similar features• Customers have difficulty identifying differences among brands but may have brand-loyalty to one• ***Promotion of brand name, packaging, specific image, and price is crucial at this stage***• Profits usually fall even though sales may rise• Examples: cars, personal care products, regularly used products we don’t give much thought to• Firms respond by searching for new markets to enter
  • 5. Product Life CycleDecline• Many products stay here a long time• New, better products have replaced• Companies cannot improve old product enough to compete (little $ spent on marketing)• Companies drop when product no longer sustains• New use for old product may “save” declining product (ex. Baking soda used to remove odors)