1. Task 069: describe product life cycles
Introducing…
Task 069: describe product life cycles

2. What is a product?

3. review
Product: a good or service that is offered to the public for purchase
Product line: the products that are offered by the company which are:
Similar
Sold to the same customer
Satisfying the same want

4. What is the product life cycle?
Product life cycle: the stages that a product goes through in its life
There are 4 stages:
Introduction
Growth
Maturity
decline

5. Stage 1: introduction the release of a new product to market
Product is released to limited outlets in a few channels of distribution
Size of the market = small
Sales = low with expectations of increasing
Heavy marketing activity (which = high costs) to create awareness

6. Stage 2: growth
Definition: the stage of the plc where product sales, revenues, and profits begin to grow as the product becomes more popular and accepted in the market.
Distribution is expanded as popularity increases
Increased competition = falling prices (in order to gain/keep market share)

7. Stage 3: maturity
Definition: the stage of the plc where sales growth ultimately peaks, then slows as the product reaches widespread acceptance, and the competition is fierce.
Introduction of alterations/innovations to keep the product relevant in the marketplace
Advances in technology/changes in consumer taste and demand may lead to slowing down of sales

8. Stage 4: decline
Definition: the stage of the plc where low/negative sales growth, lower profit, and max. competition occur, forcing product into decline and death.
Product termination is not about the end of the cycle/product class – its about termination of a single product that can no longer compete.

9. Think, pair and share
What specific strategies would be used to manage a breakfast cereal during each stage of the product life cycle? (5 minutes to think/pair and then we will share with class)

10. Product life cycle activity
You and your partner must select a category (movies, tv shows, video games, sporting goods, etc.)
Based on your knowledge of the plc, group each product in to the correct stage
Create a powerpoint presentation using the necessary requirements that can be found on your rubric
We will be presenting in class on Friday January 12
See next slide for example

11. Growth stage in order to sustain life in the growth stage, these teams need to continue to promote their product. The product includes tickets to games, merchandise, concessions, etc. these different promotions can include fan giveaway nights, social media advertisements, and customer involvement.
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