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Product Life Cycle Stages
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Flashcards
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Product Development (Pre-Introduction)
Product design, market research, prototype testing, no sales.
Extending the Maturity Stage
New features, product line extensions, finding new uses, increasing usage rate.
Strategies for Decline Stage
Harvesting, divesting, maintaining, niche strategies.
Exit Strategies for Decline Stage
Sell-off, liquidation, consolidation, pivot to new products.
Introduction: Marketing Objectives
Create awareness, induce trial, establish distribution channels, educate the market.
Growth: Financial Strategy
Increased profitability, positive cash flow, investment in market expansion.
Maturity: Financial Strategy
Maximize profits, control costs, consider diversification.
Introduction Stage
High cost, low sales volume, limited competition, heavy promotion.
Growth Stage
Increasing sales, economies of scale, growing competition, brand loyalty development.
Maturity Stage
Peak sales, high competition, price wars, market saturation.
Decline Stage
Falling sales, reduced profitability, market contraction, divestment.
Introduction: Financial Strategy
High initial costs, negative cash flow, focus on recouping R&D investments.
Growth: Marketing Objectives
Maximize market share, differentiate from competitors, add product features and support.
Decline: Financial Strategy
Cost cutting, divesting non-performing assets, managing decline profitably.
Revitalizing Mature Products
Product updates, rebranding, targeting new markets, changing consumer perceptions.
Repositioning during Maturity Stage
Change target audience, alter marketing messages, shift brand image.
Innovation During Growth Stage
Invest in R&D, update product features, explore spin-off products.
Maturity: Marketing Objectives
Defend market position, extend product life cycle, optimize pricing strategies.
Decline: Marketing Objectives
Reduce expenses, decide on product elimination or rejuvenation, capture niche markets.
Post-Decline Strategies
Retro branding, nostalgia marketing, relaunching with innovation.
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