Title: Explain the product life cycle and the importance of developing new products/services to stay competitive.
Course: Digital and Social Media Marketing (12162) > Section: Understanding Principles of Marketing

Explanation should include

- the four stages (i.e., introduction, growth, maturity, and decline) through which products/services move
- the importance of the development and modification of new products/services to meet consumer needs and wants (demand)
- the role of the product life cycle in ensuring ongoing demand for new products/services.

Process/Skill Questions:

- What are the stages of the product life cycle? What happens to price and profits during each stage?
- 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?
- How can technological developments affect the product life cycle?
- How do marketing strategies differ in each stage of the product life cycle?
- What digital marketing strategies may be helpful during each stage of the product life cycle?