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Task 069: describe product life cycles
Introducing… Task 069: describe product life cycles
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What is a product?
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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
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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
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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
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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)
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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
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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.
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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)
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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
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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. The T-Wolves added an MVP Caliber player in Jimmy Butler..Went through a club rebrand and oh yeah..have a guy by the name of Karl Anthony Towns.The West. Conference better take note. After qualifying for the playoffs for the first time since 2012/13 last season, the Leafs are a young and exciting team with a HOF coach and have a bright future ahead. After qualifying for the playoffs for the first time since 2005/06 last season, the Oilers are a young and exciting team with the NHL’s best player. The Rams moved to LA last season, fired their coach, brought on Sean McVay and qualified this year for the playoffs for the first time since 2005 – the only direction from here is up. Two words: Carson Wentz. The Eagles made key off-season acquisitions and are set to win the NFC East for years to come.
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