1. Why do marketers need to know the product lifecycle?
Most products and services pass through various stages over time. These stages make up a life cycle.
Although the rates of change, and the length and intensity of each stage may vary, most life cycles follow roughly the same pattern.
In the introductory stages the focus is on the product. Later, the focus changes to promotion and price.
Why do marketers need to know the product lifecycle?

2. Product Introduction Often called a “ Launch” Consumers uninformed
Business info:
Product features
Availability
Design
Brand Identification
1st Consumers = “early adopters” (trendsetters)
Different products require unique introductory
Intro

3. Growth Stage Followers to early adopters help drive increased sales.
Competition is
attracted.
Product or service
is managed carefully
Wide advertising & distribution is common
Growth

4. Maturity Flat growth No increase/decrease in sales New consumers
replace those drawn
to competitors
Advertising keeps
public aware
“Cash Cows” (no development costs)
maturity

5. Decline Sales decreasing as customers move to new products Permanent
phenomenon
Can be averted or
delayed by advertising
decline

6. Decision Point Final stage in product life cycle Brand Management
Reformulate
/ Repackage
“New & Improved”
New promotion & repricing
GO or NO-GO
Decision point

7. Non Traditional Product Life Cycles
Fad
Niche
Seasonal