Product Life Cycle
What is the name of the model that shows the stages a product goes through from creation to removal from market?
What is the Product Life Cycle
Which stage occurs when a product is well known, sales grow slowly, and competition is high?
What is the Maturity stage?
Which Product Life Cycle stage involves idea generation, testing, and creating prototypes, but has no sales yet?
What is Development?
During which stage does the market become full, competition is intense, and some firms leave the market?
What is Saturation?
During which stage are sales low because consumer awareness is still limited, and profits are often negative?
What is the Introduction stage?
Which stage is characterized by falling sales and profits due to changing consumer tastes or new products?
What is Decline?
Which two pricing strategies are commonly used during the introduction stage of the Product Life Cycle?
What are price skimming and penetration pricing?
Name one action a business might take during the decline stage.
What is lowering prices, withdrawing the product, or selling remaining stock?
In which stage do sales grow rapidly, profits increase, and firms expand advertising and distribution?
What is the Growth stage?
What are strategies called that businesses use to extend a product’s life cycle and maintain profits?
What are Extension Strategies?