Product Life Cycle
The stages through which goods and services move from the they are introduced on the market until they are taken off the market
What is Product Life Cycle?
An early sample or model of a product
What are Goods?
the particular group of customers a business seeks to attract
What is target marketing?
reviewing in order to make a decision as to what should be kept and what should be discarded
What is screening?
an early sample of a product
What is a prototype?
the first stage in the product life cycle where a company tries to build awareness about the product or service in a market where there is less or no competition
What is Introduction?
Intangible activities that are performed by other people for money, productive acts that satisfy economic wants
What is a Service?
the process of introducing a new product to a limited market to determine what its acceptance will be
What is Test Marketing?
the particular assortment of goods and services that a business offers in order to meet the needs of its markets and its company goals
What is a product mix?
A business structure that requires the authorization or permission from an owner to another entity to use trademarked, copyrighted, or patented material for a specific time period, for the profit of both parties
What is licensing?
The product life cycle stage when the product first appears in the marketplace
What is Growth?
A good or service that has not been offered before, has been modified in some way, or is being presented or distributed in a different manner
What is a new product?
marketing element referring to what goods, services, or ideas a business will offer its customers
What is product related services?
A product mix strategy in which a business creates a certain image or impression of a product in the minds of consumers
What is product development?
The point at which a product goes into full-scale production, the marketing plan is put into place, service and sales training are done, and the product's life cycle begins
What is commercialization?
the product life cycle stage in which sales peak and then increase at a slower rate or start to decline
What is maturity?
A combination of goods and/or services grouped together and offered as one product
What is a bundle?
An advantage consumers receive from using a product.
What is a benefit?
the removal of a weak product from the market and from the company's product mix, also known
What is product elimination?
Examining such factors as demand, costs, competition, capital investment required, and retested, production costs are estimated and final details of the product are planned, e.g., label, promotion, and distribution
What is Feasibility Analysis?
a product whose sales and profitability are declining
What is product decline?
Goods or services that are currently being sold
What is existing product?
Plan of action for achieving marketing goals and objectives
What is a marketing strategy?
A product whose sales and profitability are declining
What is a weak product?
A marketing function that involves obtaining, developing, maintaining, and improving a product or service mix in response to market opportunities.
What is product service management?