BUS 343 Chapter Notes -Skunk Works
30 Jun 2013
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Product life cycle: concept that explains how products go through four distinct stages from birth to death: introduction, growth, maturity and decline see figure 8. 1 in 276. Introduction: first stage in plc where slow growth follows the introduction of a new product in the marketplace. Growth stage: second stage in plc where the product is accepted and sales rapidly increase, profits peak. Maturity stage: third and longest stage in plc where sales peak and profit margins narrow (lower) Decline: final stage in plc where sales decrease as customer needs change. Firm has to decide to keep product and let it wither or drop product. Before delivery: provide relevant information on product (price, warnings, instructions) and any custom products needed. After delivery: maintenance and repair support, feedback from customers allow for future improvements. Brand: a name, term, symbol or any other unique element of a product that identifies one firm"s products and sets it apart from the competition.
