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Product Life Cycle

Definitions

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Symon Angelo
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24 views1 page

Product Life Cycle

Definitions

Uploaded by

Symon Angelo
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
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1. What are the different stages of product life cycle? Briefly explain each stage.

Introductory Phase

Essentially, this phase of product life cycle involves developing market strategies through
advertising and may include research, product development, process modification/enhancements,
and supplier development. In this phase, because demand is still being created, sales tend to be
slow.

Growth Phase

It can be said that in this phase, the take off of the product begins and growth starts to stabilize.
Companies starts to put into market their own original products or make copies with
improvements to avoid infringements.

Maturity Phase

At this point, competitors are established hence branding becomes very important so that the
current position in the marketplace be maintained. It should also be noted that in this stage, high
volume of production may be needed with the improvement of controlling cost to attain optimal
performance, that is, minimizing costs to produce.

Decline Phase

It is the stage whereby sales drop and production is stopped, company’s profitability falling,
meaning it is where producing the product will no longer be profitable for the company.

2. Which is better, extend the product life cycle or create a new one.

If it is feasible then extend the product life cycle, not all products need to face the decline stage
and they can be modified so that they can still be in the market. The company can extend the
product life cycle by new iterations and improvements to stay in the marketplace.

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