________: sale curve peaks within the stage, product continuing to make a profit, competition is strong and more marketing is needed to extend the product appeal.
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Heterogeneous
________: services are not standardised, every experience is individual.
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Growth
________: demand is steadily rising, competitors are working on substitute products, sales volume increasing thus profitability is also increasing.
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Decline
________: Number of sales fall sharply, organisation needs to decide whether to discard the product or to re- launch it and is a very costly stage for the organisation.
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Introduction
________: product is launched into the market, period of intense marketing to raise awareness and to attract customer loyalty, limited volume of sales, high cost of promotion and no competition.
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Product life cycle
________: allows an organisation to evaluate the positioning of the products and services it offers in the market.
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Product
Anything that can be offered to a market that might satisfy a need
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Tangible
You can see and physically hold a product
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Homogeneous
Like products are all standardised
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Separable
You can easily distinguish between one product and another because of the features of the product
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Storable
A product will last and is not perishable
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Intangible
Services cannot be physically held or seen
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Heterogeneous
Services are not standardised, every experience is individual
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Inseparable
It is not possible to separate the service out of the experience
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Incapable of being stored
Services are personable and cannot be transferred for use at a later date
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Product life cycle
allows an organisation to evaluate the positioning of the products and services it offers in the market
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Introduction
Product is launched into the market, period of intense marketing to raise awareness and to attract customer loyalty, limited volume of sales, high cost of promotion and no competition
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Growth
Demand is steadily rising, competitors are working on substitute products, sales volume increasing thus profitability is also increasing
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Maturity
Sale curve peaks within the stage, product continuing to make a profit, competition is strong and more marketing is needed to extend the product appeal
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Decline
Number of sales fall sharply, organisation needs to decide whether to discard the product or to re-launch it and is a very costly stage for the organisation
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Flashcard (37)