product life cycle

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10 Terms

1
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Traditional Product Life Cycle

Introduction Growth Maturity Decline Decision Point

2
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PLC - Introduction

Product launch; focus on features packaging brand identity; target early adopters; goal is awareness

3
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PLC - Growth

Product popularity increases; competitors enter; features added; prices adjusted; competition for market share

4
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PLC - Maturity

Sales plateau; profits fund new products; new consumers replace those lost to competitors

5
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PLC - Decline

Sales fall as consumers lose interest; product loses market share

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PLC - Decision Point

Product is reformulated repackaged or relaunched; sometimes price reduced to boost demand

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Non-Traditional PLC - Fads

Products extremely popular for a very short time

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Non-Traditional PLC - Knockoffs

Cheap copies or imitators of fad products

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Non-Traditional PLC - Niches

Products dominate a small market with few competitors; often protected by patents or exclusive formulas

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Non-Traditional PLC - Seasonal

Products popular only during certain seasons; popularity returns when season repeats