Title: Identify the stages of the product life cycle.
Course: Entrepreneurship, Advanced (12053-II) > Section: Understanding Economic Influences on a Business

Identification should include

- introduction
- growth
- maturity
- decline.

Process/Skill Questions:

- What effect does the product life cycle have on a business?
- How does each stage of the product life cycle affect the business?
- Why do some products not reach maturity?
- How does the growth stage differ from the introduction stage?
- How does the marketing mix change in each part of the product life cycle?
- What strategies could be used to move the product/service to another phase?
- How does pricing play a role in the sequence of events in the life cycle?
- What might a company do to delay the decline of a product/service?
- Does a service have a life cycle? Explain.
- How can a service adjust to the changes in technology to avoid becoming obsolete (e.g. movie rental stores)?
- How can a business remove a product that has gone into decline without losing dedicated customers?