Chapter B, Problem B1.5MBD

Program Plan Intro

Product life cycle:

• It includes four phases that a product progresses through during its life cycle.
• The phases includes:
  • Introduction
    • The product awareness is built and market of product is developed.
    • Marketing mix is been used to help impact target market.
    • Quality level as well as product branding is established.
  • Growth
    • The brand preference is built and market share is increased.
    • The quality of product is increased and additional features are added.
    • The increase in demand allows price to remain constant.
  • Maturity
    • The growth in sales diminishes.
    • Similar products would show competition.
    • The primary aim is to defend market share with maximizing profits.
    • Some companies would enhance features of product for differentiating market product.
  • Decline
    • Sales begin to decline at this stage.
    • It can maintain product by addition of new features and finding new uses.
    • It can reduce cost and continue offering it.
    • It can disconnect product and sell it to another inventory who willing to continue with product.