product life cycle stages

what are the stages (in order) of the product life cycle? (4)

1- Introduction 2- Growth 3- Maturity 4- Decline

Examples of introduction stage?

- philips flat screen televisions, miller light, motorolla introducing the pager, google glass, segways

Competition outside the product class may grow due to better technology or changes in taste - decline in product category sales/profits - marketing declines, less promotion (if they do it is to find new uses)

Decline Stage

"Early Adopters" are associated with this category, makes up 13.5% of product adopter categories

Growth

Typical for competitors to enter the category- as a result - increased competition - promotional efforts are now made to stimulate secondary demand - communicates distinctive benefits of particular BRAND -role models are targeted during this stage

Growth Stage

A "Pioneer" is associated with this category, also known as innovators, makes up 2.5% of product adopter categories

Introduction

product innovation is introduced, marking the beginning of a new product category Marked by: - low sales and profits - lasts for a short time for some categories, longer for others - possible for a product to never make it out - informative about product, not brand - shorter period indicates a very successful product

Introduction

Consumers in the decline stage are this, takes up 16% of the product adopter categories

Laggards

Sales and profit growth within a product category eventually slow - lasts a long time - competition is at its highest, new competition outside the category begins (alternatives) - highest level of promotional expenditures - when the most people adopt the product - MOST products are in this stage - Removal of risk

Maturity Stage

Examples of decline stage

VHS tapes, Taxis (now uber), newspapers

Examples of the growth stage

bud light, coors light entering light beer industry, fitbits and applewatches

Consumers of the Maturity stage are this, they both are 34% individually

early and late majority