unit 2 - ang product life cycle

the introduction stage

the first phase of product life cycle (marketing, building awareness, little competition, low sales)

the growth stage

the second phase of product life cycle (increase in production, popularity and sales, more competition, customer feedback)

the maturity stage

the third phase of product life cycle (high competition, lower profit margins, improvements, expansion)

the decline stage

the fourth phase of product life cycle (market saturation, low sales, withdrawing the product or introducing a new model)

market entry

introducing a new product to the market

market saturation

when a market is fully served with a certain product

sales peak

the highest point of sales in a product's lifecycle

brand/ product extension

adding new products under an existing brand

profit margin

difference between selling price and production cost

product repositioning

changing how a product is perceived by consumers

brand loyalty

when a consumer chooses to repeatedly buy a product produced by the same company

market share

the percentage of total sales in the market generated by a particular company

brand recognition

the extent to which consumers recognise a brand

market penetration

a measure of how much a product is being used by customers compared to the total estimated market for that product

competitive edge

a unique advantage over competitors

sales funnel

the journey potential customers go through, from awareness to purchase, or even loyalty