The Deal Product Life Cycle

These flashcards cover key concepts related to the product life cycle, including phases, characteristics, and goals.

What are the four stages of the product life cycle?

Introduction, Growth, Maturity, Decline.

What is the main goal during the introduction phase of a product?

To produce as little as possible while perfecting product design.

In which phase does demand for a product begin to rise?

Growth phase.

Why is production not at its peak during the growth phase?

Because there may still be changes needed to the product and demand knowledge is still developing.

What characterizes the maturity phase of a product life cycle?

Demand is stabilized and can be accurately predicted.

Why is design no longer a focus in the maturity phase?

Design improvements have already been completed.

What happens to production during the decline phase of a product?

Production decreases and may eventually stop.

What may occur in terms of design work during the decline phase?

There is usually no design work unless the goal is to repurpose the product.

What is typically true about the profitability of products in the maturity phase?

They usually yield the most profit as costs can be driven down.

Why is consumer feedback important in the introduction phase?

It helps make alterations to the product before full-scale production.