Title: Describe the product/service life cycles.
Course: Marketing (12164) > Section: Developing Product/Service Planning Skills

Description should emphasize that product/service life cycles are stages that a product goes through which can affect pricing, revenues and lifespan, including

- introduction (marketing/promotion expenses high; early adopters)
- growth (increase in sales/revenue; competitors take notice)
- maturity (market saturation; sales can weaken)
- decline (less product demand; sales drop – decision to retire product).

Process/Skill Questions:

- How do marketing strategies differ in each stage of the product life cycle?
- What happens to price and profits during each stage of the product life cycle?
- How are the marketing functions affected during each stage of the product life cycle?
- What is category management? How does it relate to product life cycles?
- What are the advantages and disadvantages of keeping a product in the marketplace after it reaches maturity?
- How can focus groups be used to change the stage of a particular product?