Briefly explain each step in a typical product life cycle
What will be an ideal response?
Product development begins when a company finds and develops a new product idea. During this stage, sales are zero and the company's investment costs mount. Introduction is a period of slow sales growth as the product is introduced in the market. Profits are nonexistent in this stage because of the heavy expenses of product introduction. Growth is a period of rapid market acceptance and increasing profits. Maturity is a period of slowdown in sales growth because the product has achieved acceptance by most potential buyers. Profits level off or decline because of increased marketing outlays to defend the product against competition. Decline is the period when sales fall off and profits drop. At this stage, a company may decide to maintain, harvest, or drop a product.
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Which of the following is NOT an example of a specialized and highly-targeted media that an advertiser might use to reach smaller customer segments?
A) cable television channels B) Internet C) network TV D) advergaming E) radio
A consumer's degree of information search is largely dependent upon his/her perceived risk
Indicate whether the statement is true or false