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What are the four main stages of the product lifecycle?
Introduction, Growth, Maturity, and Decline.
What is the focus during the Introduction Stage?
Building awareness and creating demand.
What characterizes the Growth Stage?
Rapid increase in sales and improving profitability due to economies of scale.
What strategy involves setting a high initial price to recover costs?
Price Skimming.
Give an example of a product in the Introduction Stage.
Samsung Galaxy Fold.
What is the primary goal during the Growth Stage?
Expand market share and customer loyalty.
What is a key strategy in the Maturity Stage?
Introduce product updates and new features.
How do companies sustain interest in a product during Maturity?
Implement price reductions or promotions.
What describes the Decline Stage of the product lifecycle?
Sales and profits decline due to market saturation or changing preferences.
What should companies do during the Decline Stage?
Decide whether to discontinue the product or replace it.
What is the focus of activities at the Introduction Stage?
High development, tooling, and marketing costs.
What strategy can help clear inventory in the Decline Stage?
Discounts or clearance sales.
Give an example of a product in the Decline Stage.
Apple iPod.
What must companies do to maintain a product's popularity?
Introduce new features or expand into new markets.
What factor influences the product lifecycle?
Products have a limited life.
What is a Unique Selling Proposition (USP)?
A factor that makes a product stand out from competitors.
Name a strategy to attract more customers during the product lifecycle.
Rebranding or changing the product image.
How do car manufacturers apply methods to maintain vehicle popularity?
Updating vehicles annually with safety and tech upgrades.
What example illustrates effective growth strategy?
Tesla Model 3 with competitive pricing and innovation.
How does Apple sustain interest in the iPhone?
By releasing new models with advanced features annually.
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