Business management Marketing mix: Product life cycle

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7 Terms

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Research and development

The product is being researched and developed. Prototypes will be made and tested. Changes may have to be made after research feedback.

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Introduction

The product is launched. This usually coincides with introductory promotional activities to create hype for the product

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Growth

The product has been on the market for some time, customers are fully aware of the product and are purchasing it

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Maturity

The product has been on the market for some time. Competitors enter the market.

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Saturation

The product suffers from too many competitors being in the market

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Decline

The product’s life is nearing it’s end. The product will stop being produced.

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