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Product Life Cycle (The New Product Development Process (Step 1:…
Product Life Cycle
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The Product Lifecycle
- Growth: the period during which the product is accepted by consumers and the
trade. Initial distribution is expanded, promotion is increased, repeat orders from
initial buyers are obtained, and word-of-mouth advertising leads to more and more
new users
- Maturity: the pe~iod during which competition becomes serious. Towards the end
of this period, competitors' products cut deeply into the company's market position
- Introduction: the period during which a new product is introduced. Initial distribution
is obtained and promotion is obtained.
- Decline: the product becomes obsolete and its competitive disadvantage result in
decline in sales and, eventually, deletion.
- Product development: the period during which new product ideas are generated,
operationalized, and tested prior to commercialization.
he marketing "traiegy, it contains
three important elements.
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The Product Plan
Once a marketer has determined a set of product objectives, it is then possible to initiate
the activities that constitute the product plan