Question

There are four phases of Product life cycles we have defined in this session:

Introduction, Growth, Maturity, and Decline.

A) Suggest one different TYPE of product TODAY in each of these four categories that you have used or seen or read about.

Answer 1

A. The stages of a product life cycle are:

• Introduction - This is the period where a new product is first introduced into the market. The introduction phase is usually associated with slower growth as the public is not familiar with the product, the sellers may not be adequately trained to sell, and clear and definite distribution channels are yet to be established. The demand for the product is also quite immature at this stage. For example; Suunto 7 Smart Watch with GPS
• Growth - This phase is when the product starts to sell at a faster rate. The public is becoming increasingly aware of the product and word of mouth is starting to spread. For example; Household disinfectants during this time of Corona Pandemic
• Maturity - The phase is when the product’s sales begin to peak. Demand is strong and the service is now booking out. For example; Hand Sanitizers
• Decline - This phase refers to the period when the product reaches its saturation point. In this case, the price can start increasing, though the number of sales will decline. For example; Symbian phones(Phones with old operating system)