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. 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. 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. 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. 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. Product Life Cycle
• During the Decline Stage:
– Sales start to decline. A company must decide to
alter the product, discount, or discontinue
product.
8.
9. Product Life Cycle
• Sources:
–Marketing Essentials
–Marketingteacher.com
–Google
