Product Life Cycle

Marketing implications of each stage of the product life cycle - details here. You need to know this.

Extension strategies:

These extend the life of the product before it goes into decline. Try clicking on the pictures.

Advertising – try to gain a new audience or remind the current audience.

Price reductions – making a product more attractive to customers.

Adding value – add new features to the current product, e.g. Spy phone app on mobile phones.

Explore new markets – try selling abroad.

New packaging – brightening up old packaging, or subtle changes such as putting crisps in foil packets.

Advantages and disadvantages of product life cycle theory. Details here.