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PRODUCT LIFE CYCLE (4 STAGES (Growth (profit begins increase, puclic…
PRODUCT LIFE CYCLE
4 STAGES
Growth
profit begins increase
puclic awareness increases
sales volume increase
competition begins increase
costs decrease
price declines
increasing acceptance
Maturity
costs lowered
sales volume peaks
widespread acceptance
market saturation reaches
price drops
increase market share
industrial profit decreases
Market Introduction
sales volume low
little/no profit
high costs
increase promotion compaign
newly launched
little/no competition
Decline
fall in price+profit
counter-optimal cost structure
sales volume decline
profit becomes challange
terminal stage
MARKETING STRATEGIES
Introduction
create awareness
develop market
Growth
build brand preference
increase market share
Maturity
defend market share
maximize profit
Decline
harvest product
discontinue product
maintain product
OVERVIEW
life of product
respect to biz costs + sales measures