MKT291Ch.11 - Chapter 11 Product Life Cycle o The stages a...

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Chapter 11 Product Life Cycle o The stages a new product goes through in the market-place Introduction Product introduced to intended target market Skimming Price Strategy – high initial price to help recover costs of development and b/c of price insensitivity of early buyers Penetration Pricing – price low to discourage competitive entry Growth Rapid increases in sales due to new and repeat purchasers Maturity Slowing of total industry sales Attempt of further product differentiation and seek new buyers Decline Sales drop Deletion of product Harvesting of product to reduce marketing costs o Three aspects of product life cycle include length of cycle, shape of cycle, rate of adoption of product Managing the Product Life Cycle o Modify the product o Modify the market o Reposition the product Branding o An organization’s use of a name, phrase, symbol, or combination of these to identify and distinguish its products Brand Name
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MKT291Ch.11 - Chapter 11 Product Life Cycle o The stages a...

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