The Product Life Cycle WOW!!! This is so much Fun!

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Presentation transcript:

The Product Life Cycle WOW!!! This is so much Fun!

The Product Life Cycle

Stage 1: Introduction n Focus: Is on promotion and production. n Major goal: Is to draw attention to new product. n Costs are high, so this is the least profitable stage.

Stage 2: Growth Stage  Product is successful.  Profits / Sales have increased.  Goal: Refocuses on customer satisfaction.  New models may be introduced.

Stage 3: Maturity  Sales Level Off  More Competition may exist, so goal is to advertise to beat competition.

Decline Stage n Sales Fall Off n Decisions To Make –Sell The Product –Recommit To the Product –Discount The Product

The Product Life Cycle Introduction Growth Maturity Decline

Interactive Notebook – Pick One Scenario #1 n You have invented a new type of computer that allows the user to issue voice commands. There is no keyboard. –Discuss how you would spend your marketing dollars during the four phases of the Product Life Cycle. Scenario #2 n Pick a product that currently is in the Maturity or Decline stage of the Product Life Cycle. –Discuss two possible solutions on how you would reinvent the product for greater sales.

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