The Product Lifecycle: Understanding and Extending Commercial Success

The video explains the product life cycle model, highlighting the stages of launch, growth, peak, and decline. It emphasizes the importance of business intervention to extend the product's successful phases. Strategies such as innovation, market expansion, and differentiation are discussed to delay the decline phase and maximize returns on investment.

What is the primary goal of a business during the launch phase of a product?

• To eliminate competition

• To reduce production costs

• To increase product awareness

• To maximize immediate profits

During which phase does a product experience the most rapid growth in sales?

• Decline phase

• Peak phase

• Growth phase

• Launch phase

What does the term 'peak product' refer to?

• The initial launch of a product

• The maximum success point of a product

• The decline in product sales

• The introduction of a new competitor

Which of the following is NOT a strategy to extend the peak period of a product?

• Changing advertising tactics

• Creating a unique selling point

• Reducing product quality

• Targeting new markets

How can businesses delay the decline phase of a product?

• By differentiating their product from rivals

• By ignoring competitor actions

• By focusing solely on domestic markets

• By reducing marketing efforts