The marketing mix & product |
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Stretch & challenge: Can you give examples?
Information
Just like with the lifespan of a person, products also have a life cycle. And just like a person, some products 'live' longer and are more successful than others.
The product life cycle is a description of the life of a product, from its launch to its final withdrawal from the market. Using this analysis will help a business decide what action to take and when.
Just like with the lifespan of a person, products also have a life cycle. And just like a person, some products 'live' longer and are more successful than others.
The product life cycle is a description of the life of a product, from its launch to its final withdrawal from the market. Using this analysis will help a business decide what action to take and when.
Key terms
PLC (product Life Cycle) is the life of a product, usually shown as a graph. It demonstrates how the sales of a product may change over time, from its initial design to when production is discontinued.
Extension strategies are attempts to maintain the sales of a product and prevent it reaching the decline stage of the PLC.
PLC (product Life Cycle) is the life of a product, usually shown as a graph. It demonstrates how the sales of a product may change over time, from its initial design to when production is discontinued.
Extension strategies are attempts to maintain the sales of a product and prevent it reaching the decline stage of the PLC.
Plenary
Consider one of the products you identified as being in the growth stage at the moment. When it reaches the maturity stage, which extension strategies do you suggest the business uses to increase the life of the product? Justify your suggestions.
Consider one of the products you identified as being in the growth stage at the moment. When it reaches the maturity stage, which extension strategies do you suggest the business uses to increase the life of the product? Justify your suggestions.