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Theme 1
Marketing Mix and Strategy
Product Life Cycle
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Created by
Chloe
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Cards (6)
what is the
product life cycle
?
a
theoretical model
which describes the
stages
a product goes through over its
life
what are
extension strategies
?
a
medium
to
long term
plan to
extend
the life of a product and delay
decline.
what are the stages of the
product life cycle
?
development
introduction
growth
maturity
decline
how does the
product life cycle
help a business?
to get the
marketing mix
right
to manage
cash
what are examples of
extension strategies
?
advertising
update
product
widen
product
range
new
uses
for product
alter
channels of distribution
target new
markets
price reductions
what are negatives of
extension strategies
?
cannibalisation
(the improved products takes sales from another of the businesses products)
cost of
implementation
