The following people need to hand in the Instagram ad tomorrow at the beginning of class otherwise you will receive a zero on the assignment.
- Finn, Peyton, Ryland, Grayson, Brooke, ( Jordan Tiller I know you did it but I need to see a copy of it)
The product life cycle is the progression of a product through 5 distinct stages—development, introduction, growth, maturity, and decline. The concept was developed by German economist Theodore Levitt, who published his Product Life Cycle model in the Harvard Business Review in 1965. We still use this model today.
WATCH VIDEO
PLEASE ANSWER THE FOLLOWING QUESTIONS
AND BE PREPARED TO HAVE A DISCUSSION ON TUES IN CLASS
1. From the video, list 5 ways that a product can be extended.
2. Why do you think I phone sales decreased once they hit the maturity stage?
3. How does Apple try to sustain the sales of their products? Is it working?
4. What new developments do you think Apple has the potential to develop to sustain their
hold in the market? ( Think future inventions...do a little research and where cell technology is moving)
5. List 2 current products that are in the maturity phase, and 2 current products that are in the
decline phase. Be able to explain why you think the products are in that phase.
TIME left over: work on unfinished assignments and concept maps
For further information READ THE ARTICLE: Product Lifecycle
Key Takeaways:
- The products have a limited life in a product life cycle.
- Product sales go through various stages with different opportunities,
- challenges, and problems for the seller.
- Product sales have clearly defined stages.
- Revenue change at every stage of the Product Life Cycle
- Different marketing strategies are required at every stage of the Product Life
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