Title: Explain product life cycle.
Course: Sports and Entertainment Marketing (12163-I) > Section: Describing Product Development

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 sports and entertainment 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 how can this take place in the product life cycle?