Prepared by ms. dale 4.4 Product Life Cycle BMI3C Prepared by ms. dale 4.4 Product Life Cycle

Lesson Objectives To create a model of the product life cycle and label each stage of a products life To describe the difference between traditional and non- traditional product life cycles To identify and explain fads, trends, niches, and seasonal product life cycles To apply knowledge of product life cycles to real world examples http://provideocoalition.com/images/uploads/RIP-VHS-619.jpg 28 February 2019

CIE 3M 28/02/2019 Product Life Cycles In your notes, list as many things you think is a human NEED: http://www.youtube.com/watch?v=OrNBEhzjg8I We will now watch a video of an experiment conducted by Harry Harlow and Rhesus monkeys to show that we also have other needs. 28 February 2019

CIE 3M 28/02/2019 Product Life Cycles Identify the difference between a human NEED and a WANT, using examples, in your notes: What factors can affect customer demand? 28 February 2019

CIE 3M 28/02/2019 Product Life Cycles Here are a list of products. How should we organize them? Coke Samsung Galaxy s6 VHS Hummer H3 Apple Watch 28 February 2019

CIE 3M 28/02/2019 Product Life Cycles Most products go through a _____________ product life cycle – moving from introduction through to growth, maturity, decline, and finally the decision point stages. 28 February 2019

Product Life Cycles ________________ STAGE: CIE 3M 28/02/2019 Product Life Cycles ________________ STAGE: The launch of a new product into the market place Expenses to the manufacturer are __________ Ex – production, design, advertising, sampling, inventory supply. Marketers rely on ________________ consumers to buy the product and set the trend The price of the product is usually during this stage. 28 February 2019

Product Life Cycles _________________ STAGE: CIE 3M 28/02/2019 Product Life Cycles _________________ STAGE: The product’s reputation is spread through __________________ and advertising In this the stage the product will either catch on or fail  ______ = if a product is taken off the market before it has recovered its costs Competitors enter the market, therefore the price of the product 28 February 2019

Product Life Cycles ______________STAGE: Sales of the product increase CIE 3M 28/02/2019 Product Life Cycles ______________STAGE: Sales of the product increase only __________ or not at all _______________ will highlight the longevity and quality of the product Profits are ________ as product development and research costs have been covered 28 February 2019

Product Life Cycles _____________STAGE: CIE 3M 28/02/2019 Product Life Cycles _____________STAGE: Demand _________ profits __________ __________________ STAGE: Companies turn to changes in price, new advertising, reformulating, redesigning, or repackaging If these solutions do not work the product may have to be ____________ from the market 28 February 2019

CIE 3M 28/02/2019 Product Life Cycles Now try to organize these products applying what you have learned. 28 February 2019

Non-Traditional PLCs Review: CIE 3M 28/02/2019 Non-Traditional PLCs Review: List the stages of the Product Life Cycle: We will now explore nontraditional product life cycles to see that not every good or service follows the same life cycle as mainstream products. 28 February 2019

What happened to these products you listed? CIE 3M 28/02/2019 Non-Traditional PLCs Watch the following video and try to list as many products as you can from the images flashing across the screen. What happened to these products you listed? Inset Video Clip 28 February 2019

Non-Traditional PLCs ____________ A product that is extremely CIE 3M 28/02/2019 Non-Traditional PLCs ____________ A product that is extremely popular for a very ________________ It becomes unpopular just as quickly as it became popular Fads are _____________, therefore it is a ________________investment Timing is everything: Businesses can make a lot of money or lose everything 28 February 2019

Non-Traditional PLCs ______________ lasts __________ than fads CIE 3M 28/02/2019 Non-Traditional PLCs ______________ lasts __________ than fads mass movement of the marketplace toward a particular value by identifying trends, marketers can predict likely market opportunities this gives time to develop products in time to get them to the market (_____________ ____________________________) 28 February 2019

Non-Traditional PLCs ___________ MARKETS: CIE 3M 28/02/2019 Non-Traditional PLCs ___________ MARKETS: Products that have a _____ growth stage that leads to a solid _________stage Financial gain is not spectacular but sales are _______________ Niche market = small market share BUT there is little ______________ Dominates a small section of the market – not popular amongst everyone BUT caters to a small group 28 February 2019

Non-Traditional PLCs Respond in your notes: CIE 3M 28/02/2019 Non-Traditional PLCs Respond in your notes: Why should you bother to establish a niche market? How can a business be successful in a niche market? 28 February 2019

Non-Traditional PLCs ________________Products CIE 3M Non-Traditional PLCs 28/02/2019 ________________Products Goods and services that are only sold during certain times of the year, or demand for the product goes up or down during different times of the year List as many seasonal products as you can 28 February 2019

CIE 3M 28/02/2019 Non-Traditional PLCs 28 February 2019

CIE 3M 28/02/2019 Non-Traditional PLCs Complete the following as completely as possible. 1. Explain the difference between a fad and a trend, use examples to illustrate . 2. Create a profile of a current market trend. Include the names of specific products that are part of this trend. (Simply searching for “trends” can help you in your research and profile). 28 February 2019

CIE 3M 28/02/2019 Non-Traditional PLCs ASSIGNMENT ASOS is a United Kingdom based online fashion store. Your expected to complete the Case Study and submit on the specified due date. 28 February 2019

Review Complete worksheet page 23 Complete ASOS Case Study Fads Trends Key Points from Lesson Homework / Assignment Product Life Cycles Intro Growth Maturity Decline Decision Point Fads Trends Niches Seasonal How Non-Traditional Life Cycles appear on a chart Complete worksheet page 23 Complete ASOS Case Study 28 February 2019