Title: Explain product life cycle.
Course: Digital and Social Media Marketing (12162) > Section: Understanding Principles of Marketing

Explanation should emphasize that a product life cycle refers to the stages a product goes through during its existence, and all of which affect the product’s pricing, including

- introduction
- growth
- maturity
- decline.

Process/Skill Questions:

- What happens to price and profits for a product during each stage of its life cycle?
- What is a fad? What is an example of a fad?
- How could you describe the movement of a fad through the product life cycle?
- What is product modification, and when can this take place in the product life cycle?
- What are the stages of the product life cycle?
- How do marketing costs incurred in each stage of the product life cycle vary?
- Why is it essential to continually develop and modify products and services? What are some examples of brands who modified to stay relevant?
- How can technological developments affect the product life cycle?
- What digital marketing strategies may be helpful during each stage of the product life cycle?