Product Life Cycle

Product Life Cycle - The Product Life Cycle The Product...

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The Product Life Cycle
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The Product Life Cycle A new product progresses through a sequence of stages - from introduction to - growth, - maturity, and - decline. This sequence is known as the product life cycle and is associated with changes in the marketing situation, thus impacting the marketing strategy and the marketing mix.
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Product Life Cycle Product Life Cycle Diagram Product Life Cycle Diagram
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Introduction Stage This is the stage where a product is conceptualized and first brought to market. The firm seeks to build product awareness and develop a market for the product. The impact on the marketing mix is as follows: Product branding and quality level is established, and intellectual property protection such as patents and trademarks are obtained.
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Introduction Stage The introduction of a new product can be broken down into five distinct parts: . Idea validation: which is when a company studies a market, looks for areas where needs are not being met by current products, and tries to think of new products that could meet that need. The company's marketing department is responsible for identifying market opportunities
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Introduction Stage Conceptual design: 1. occurs when an idea has been approved and begins to take shape. 2. The company has studied available materials, technology, and manufacturing capability and determined that the new product can be created. 3. Once that is done, more thorough specifications are developed, including price and style. 4. Marketing is responsible for minimum and maximum sales estimates, competition review, and market share estimates.
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Introduction Stage Specification and design is when the product is nearing release. Final design questions are answered and Final product specs are determined so that a prototype can be created.
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Introduction Stage Prototype and testing 1. First version of a product is created and tested by engineers and by customers. 2.
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Product Life Cycle - The Product Life Cycle The Product...

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