Year 11 Exam > Year 11 Notes > Business Studies for GCSE/IGCSE > Product: The Product Life Cycle
Product: The Product Life Cycle | Business Studies for GCSE/IGCSE - Year 11 PDF Download
The Product Life Cycle
- The product life cycle outlines the various phases a product experiences, starting from its inception to its eventual decrease in sales.
- Generally, there are five recognized stages within this cycle: development, introduction, growth, maturity, and decline.
Product Life Cycle
- Cash flow and marketing implications differ at each stage of the product life cycle.
- Businesses need to adjust their marketing tactics and cash flow management to secure sustained profitability and achievement in the long term.
The Product Life Cycle, Cash flow and Marketing Strategy
Extension Strategies
- Extension strategies involve methods employed by businesses to prolong a product's existence beyond its typical life cycle.
- These tactics aim to increase sales and uphold profitability for products nearing the later stages of maturity or decline.
- Extension strategies typically fall into two categories, often implemented concurrently: product-related and promotion-related strategies.
A Comparison of Product and Promotion-related Extension Strategies
Question for Product: The Product Life CycleTry yourself: What are extension strategies in the product life cycle?View Solution
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FAQs on Product: The Product Life Cycle - Business Studies for GCSE/IGCSE - Year 11
| 1. What are the stages of the Product Life Cycle? |  |
Ans. The stages of the Product Life Cycle are introduction, growth, maturity, and decline. During the introduction stage, the product is launched into the market. In the growth stage, sales and profits increase rapidly. The maturity stage sees sales peak and competition intensify. Finally, the decline stage is marked by a decrease in sales as the product becomes obsolete.
| 2. What are some common extension strategies used during the Product Life Cycle? | |
Ans. Some common extension strategies used during the Product Life Cycle include product improvements or enhancements, market expansion, product line extension, and rebranding. These strategies aim to prolong the product's life cycle and maintain its competitiveness in the market.
| 3. How can businesses determine when to introduce extension strategies during the Product Life Cycle? | |
Ans. Businesses can determine when to introduce extension strategies during the Product Life Cycle by analyzing market trends, customer feedback, and competitive activities. They should also consider factors such as product performance, sales data, and profitability to identify opportunities for extension strategies.
| 4. What are the benefits of implementing extension strategies during the Product Life Cycle? | |
Ans. Implementing extension strategies during the Product Life Cycle can help businesses maintain market share, increase sales, and maximize profits. It also allows companies to adapt to changing market conditions, meet customer needs, and stay ahead of competitors.
| 5. How important is it for businesses to continuously monitor and evaluate the Product Life Cycle? | |
Ans. It is crucial for businesses to continuously monitor and evaluate the Product Life Cycle to identify opportunities for extension strategies, anticipate market changes, and make informed business decisions. By understanding where a product stands in its life cycle, companies can effectively plan for its future success.
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Nov 22, 2024 Last updated |
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