Product Planning and the Product Life Cycle

Flashcards covering key vocabulary and concepts from the lecture on product planning and the product life cycle.

Kotler's 5 Levels of Product

These include core, basic, expected, augmented, and potential features of a product.

Product Mix Width

Refers to the number of different product lines a company offers.

Product Mix Depth

Refers to the number of variations of each product line that a company carries.

Introduction Stage of Product Life Cycle

The phase where a new product is launched, requiring adjustments to marketing strategy.

Growth Stage of Product Life Cycle

The phase characterized by increasing sales and market acceptance, with marketing strategy adjustments.

Maturity Stage of Product Life Cycle

The stage where sales stabilize but competition increases, requiring strategic marketing adjustments.

Decline Stage of Product Life Cycle

The phase where sales decrease and requires strategic decisions regarding the product.

Modifying the Product Mix

Refers to actions taken to add, modify, or delete products in the mix.

Launching a New Product Steps

Includes generating ideas, screening ideas, creating a business proposal, product development, testing, and evaluating acceptance.