product life cycle
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23 Terms
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Product Service Management
Involves planning, developing, and managing a product or service throughout its lifecycle to meet customer needs and maximize profitability.
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Product Planning
The process of identifying customer needs, defining product objectives, and managing product features to ensure market success.
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Product Features
Characteristics of a product that add value and differentiate it from competitors, including design, quality, functionality, and branding.
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Core Product
The fundamental benefit or service that the product provides.
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Basic Product
The actual product with its necessary features.
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Expected Product
The attributes that customers expect from a product.
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Augmented Product
Additional features or services that enhance the value of the product.
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Potential Product
Future improvements and innovations that can be made to a product.
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Product Mix
The total range of products offered by a company, consisting of width and depth.
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Width of Product Mix
The number of product lines that a company offers.
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Depth of Product Mix
The number of variations within a product line.
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Modify Product Mix
The process of adding new products, improving existing products, or removing underperforming products.
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Product Life Cycle (PLC)
A model outlining the stages a product goes through from introduction to decline.
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Introduction Stage
The first stage of the product life cycle where the product is launched in the market.
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Growth Stage
The stage of the product life cycle where sales and customer demand increase.
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Maturity Stage
The stage of the product life cycle where sales peak and competition is intense.
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Decline Stage
The stage of the product life cycle where sales decrease due to market saturation or changing trends.
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Generating Ideas
The process of brainstorming new product concepts when launching a new product.
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Screening Ideas
The process of filtering out unfeasible ideas during product development.
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Business Proposal
An assessment of profitability and feasibility for a new product.
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Product Development
The stage of designing and creating prototypes for a new product.
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Product Testing
Evaluating the performance and customer acceptance of a new product.
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Evaluating Acceptance
Analyzing market response to a product and making necessary adjustments.
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