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Simon Fraser University
Business Administration
BUS 343
Todd Green

BUS 343 November 8, 2010 Lecture 9 Product Management Chapter 8 Product Life  Product Life Cycle: Concept that explains how products go through four distinct stages from birth to Cycle (275) death: introduction, growth, maturity and decline See figure 8.1 in 276  Talks about a generic product category  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 Service  Firm has to decide to keep product and let it wither or drop product Strategy  3 Phases of Service Strategy: (278)  Before Delivery: Provide relevant information on product (price, warnings, instructions) and any custom products needed  During Delivery: Delivery, installation and guarantees  After Delivery: Maintenance and repair support, feedback from customers allow for future improvements Product Identity  Brand: A name, term, symbol or any other unique element of a product that identifies one firm’s products (280) and sets it apart from the competition  A good brand name is: Easy to say, Easy to spell, Easy to read and Easy to remember  Should also fit: Fit the target market, fit the product’s benefits, fit the customer’s culture and fit legal requirements  Trademark: Legal term for a brand name, brand mark or trade character; A trademark legally registered by a government obtains protection for exclusive use in t
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