Product Life Cycle

Flashcards covering key concepts of the Product Life Cycle, including its stages and characteristics.

The first stage of the Product Life Cycle is __.

Introduction

During the __ stage, sales and profits increase, and prices lower to encourage market growth.

Growth

In the Maturity stage, the market is __ and sales are stable.

saturated

The __ stage of the Product Life Cycle is characterized by declining sales often due to new technology.

Decline

A product that cannot be resurrected after sales decline enters the __ stage.

Obsolescence

Examples of obsolete products in the 21st century include __ players and rotary dial phones.

VHS

Marketing efforts during the __ stage aim to create brand loyalty and distinguish the product from competition.

Maturity

Fads typically exist in the market for __ than a year.

less

During the __ stage, marketers aim to make consumers aware of the product through promotions and benefits.

Introduction

Innovations like self-driving cars fall under the __ stage of the Product Life Cycle.

Product Introduction