Title: Identify the stages in the product and/or service life cycle.
Course: Make It Your Business (12151-18) > Section: Planning for a Product or Service

Identification should include the stages of the product/service life cycle (i.e., introduction, growth, maturity, decline), all of which affect the pricing and lifespan of a product/service.

Process/Skill Questions:

- How do consumer attitudes toward the product/service change as it goes through the stages of the product/service life cycle? How does this affect marketing strategies?
- How does promotion change in each stage of a product life cycle?
- How does price change in each stage of the product life cycle?
- How do marketing costs incurred at each stage of the product/service life cycle vary?
- How do changes and improvements to a product/service affect its life cycle?
- How can a product’s position in the life cycle be used to help identify the need for new products?
- What strategies could be used to move a product/service in decline back to maturity? From maturity to growth?