Studied by 2 peopleMaturity
________: 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.
Heterogeneous
________: services are not standardised, every experience is individual.
Growth
________: demand is steadily rising, competitors are working on substitute products, sales volume increasing thus profitability is also increasing.
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.
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.
Product life cycle
________: allows an organisation to evaluate the positioning of the products and services it offers in the market.
Product
Anything that can be offered to a market that might satisfy a need
Tangible
You can see and physically hold a product
Homogeneous
Like products are all standardised
Separable
You can easily distinguish between one product and another because of the features of the product
Storable
A product will last and is not perishable
Intangible
Services cannot be physically held or seen
Heterogeneous
Services are not standardised, every experience is individual
Inseparable
It is not possible to separate the service out of the experience
Incapable of being stored
Services are personable and cannot be transferred for use at a later date
Product life cycle
allows an organisation to evaluate the positioning of the products and services it offers in the market
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
Growth
Demand is steadily rising, competitors are working on substitute products, sales volume increasing thus profitability is also increasing
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
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
Note
Flashcard