Product Life Cycle Stages and Concepts

The video discusses the product life cycle, which includes introduction, growth, maturity, and decline stages. It explains how products move through these stages from launch to discontinuation, influenced by factors like competition and market saturation. The video also provides an example of the typewriter, illustrating how technological advancements can lead to a product's decline.

What does the product life cycle refer to?

• The design phase of a product

• The time period a product is in the market

• The process of manufacturing a product

• The marketing strategy for a product

Which of the following is NOT a stage in the product life cycle?

• Decline

• Introduction

• Growth

• Expansion

During which stage is a product first introduced to the market?

• Growth

• Introduction

• Maturity

• Decline

What is a key characteristic of the Growth stage?

• Rapid decline in sales

• High initial investment

• Significant increase in consumer demand

• Product discontinuation

Which stage is considered the most profitable in the product life cycle?

• Growth

• Introduction

• Decline

• Maturity

What happens to marketing costs during the Maturity stage?

• They are eliminated

• They remain constant

• They increase significantly

• They decline

What is an example of a product that had a long Maturity stage?

• Television

• Smartphone

• Typewriter

• Coca-Cola

What is inevitable for every product in the Decline stage?

• Market expansion

• Increased sales

• Product redesign

• Eventual discontinuation

Which technology replaced typewriters, leading to their decline?

• Electronic technology like computers

• Radio

• Printing press

• Television

What is a common reason for a product to enter the Decline stage?

• Improved marketing

• New product launch

• Market saturation

• Increased demand