Can you name products that….. Have just been introduced Have established themselves in the market Are going out of fashion?

Theme 1: Marketing & People This theme enables students to understand how businesses identify opportunities and to explore how businesses focus on developing a competitive advantage through interacting with customers. Students develop an understanding of how businesses need to adapt their marketing to operate in a dynamic business environment. This theme also considers people, exploring how businesses recruit, train, organise and motivate employees, as well as the role of enterprising individuals and leaders. 1.3 Marketing mix and strategy Subject content 1.3.5 Marketing strategy What students need to learn: a) The product life cycle b) Extension strategies: product promotion c) Boston Matrix and the product portfolio d) Marketing strategies appropriate for different types of market: mass markets niche markets business to business (B2B) and business to consumer (B2C) marketing e) Consumer behaviour – how businesses develop customer loyalty

Product Life Cycle Using the above headings… draw a PLC…. Development Introduction Growth Maturity Decline Using the above headings… draw a PLC…. Sales Revenue TIME

Product Portfolio Analysis Product Life Cycle What is the next step?

In pairs Include the following: Produce a product life cycle for a product of your choice. Use the internet to see if you can find the timeline of the product. Development Introduction Growth Maturity Decline Extension strategy Include the following: What the company was spending money on at this stage What else was happening in the market at that time Why the product was growing/declining What the business strategy might have been

Product Life Cycles Sales Time Effects of Extension Strategies What happens here? Sales Effects of Extension Strategies Time

Types of extension strategies?

http://www.tutor2u.net/business/reference/product-life-cycle-revision-quiz