Marketing Mix Decisions: Product Lifecycle Management

Product Lifecycle
The course that a product’s sales and profits take over its lifetime
– Product Development
– Intro
– Growth
– Maturity
– Decline
Product Development
Finding/developing new product ideas
Intro
Product introduced into the market and slow sales growth
Growth
Rapid market acceptance, gaining market share
Maturity
Keeping market share
Decline
Sales drop off, profits drops
Style
a basic distinct mode of expression
Fashion
currently accepted or popular in a given field
Fad
temporary period of unusually high sales driven by immediate popularity