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MKTG 12:STUDENT ED.-TEXT

12th Edition
Lamb
ISBN: 9781337407595

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BuyFindarrow_forward

MKTG 12:STUDENT ED.-TEXT

12th Edition
Lamb
ISBN: 9781337407595
Textbook Problem

Explain the concept of product life cycles

Summary Introduction

To discuss: The concept of product life cycles.

A product life cycle defines the progress of a new product over a period of time. This concept includes 4 stages known as introduction, growth, maturity and decline.

Explanation

The concept of product life cycle:

The most popular concept in marketing is product life cycle. The categories of product has the longest life cycle. A product classification comprises of all brands that satisfy a particular kind of need, like passenger automobiles, soft drinks, or shaving products. The time a product makes spending on any one stage of this cycle might vary dramatically.

There are four stages in the product life cycle, where all the products and brands must undergo all these stages. The four stages of life cycle are introduction, growth, maturity, and decline. The adopters purchase the product in various stages of life cycle whenever it is necessary for them. Every sales in the decline and maturity stages signify repeat purchase.

The 4 satges of product life cycle are as follows:

  • Introduction stage: this stage occurs when a new product is introduced to the market. At this stage, company’s sales will be low and profit is minimum...

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