Chap 10 - Chapter 10 Developing & Managing...

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Unformatted text preview: Chapter 10 Developing & Managing Products Product Life Cycle Product Life Cycle A concept that provides a way to trace the stages of a products acceptance, from its introduction (birth) to its decline (death). Product Life Cycle Time Dollars Introduction Growth Maturity Decline Introduction Growth Maturity Decline Industry Industry Sales Sales Industry Industry Profits Profits Introductory Stage High failure rates Little competition Frequent product modification Limited distribution High marketing and production costs Negative profits with slow sales increases Promotion focuses on awareness and information Communication challenge is to stimulate primary demand Growth Stage Increasing rate of sales Entrance of competitors Market consolidation Initial healthy profits Aggressive advertising of the differences between brands Wider distribution Maturity Stage Sales increase at a decreasing rate Saturated markets Annual models appear Lengthened product lines Service and repair assume important roles...
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Chap 10 - Chapter 10 Developing & Managing...

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