Title: Explain product life cycle.
Course: Small Business Marketing (12161) > Section: Understanding Product/Service Management

Explanation should emphasize that a product life cycle refers to the stages a product goes through in the course of its existence, including introduction, growth, maturity, and decline, all of which affect the product's pricing.

Process/Skill Questions:

- How do marketing strategies differ in each stage of the product life cycle?
- What happens to price and profits of a product during each stage of the product 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?