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BACK IN ACTION (PRODUCT LIFE CYCLE (PLC) (INTRODUCTION (CHARACTERISTICS:…
BACK IN ACTION
PRODUCT LIFE CYCLE (PLC)
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GROWTH
CHARACTERISTICS: rapidly rising sales; average cost per customer, rising profits; early adopters; growing number of competitors
FIRM'S ACTIONS: maximise market share; offer product extensions, service, warranty; improve product quality and add new product features and models
MATURITY
CHARACTERISTICS: peak sales; low cost per customer; high profits; middle majority; stable number of competitors but beginning to decline
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DECLINE
CHARACTERISTICS: declining sales; low cost per customer; declining profits; laggards; declining number of competitors
FIRM'S ACTIONS: reduce expenditure; milk the product; phase out weak items; seek ways to make the product new again
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PRODUCT CONCEPTS
PRODUCT CLASS: a group of products that, on some level, provide similar sets of benefits
PRODUCT FORM: anything that is offered to a market for attention, acquisition, use or consumption and that might satisfy a want or need
BRAND: name, term, design, symbol, or any other feature that identifies one seller's good or service as distinct from those of other sellers
LEVELS OF PRODUCT
CORE: problem solving benefits or services that consumers seek (eg. communication and infotainment on the go)
ACTUAL: turn core benefit into an actual product. develop product and service features, design, quality level, a brand name and packaging (eg. apple iPhone 4, Full touch screen 3.5G phone with 5 megapixel camera & HD video recording
AUGMENTED: offer additional non-tangible consumer services and benefits in order to create a bundle of benefits to satisfy customers (eg. 2 years on-site warranty)