Describe the Introduction phase of the product life cycle?
the product is released, there are few customers and sales yet because customers still don't know about the product.
What is the decline phase of the product life cycle?
The product has been out for a while, competitors with new offerings are entering the market, customer needs are changing, time for something new.
What is the maturity (saturation) phase of the product life cycle?
the product has sold to many customers, new customers are hard to find
What is a distribution channel?
a place for customers to purchase or receive products
What pricing strategy should we use and why? (Initial release)
1) Penetration pricing - lower price than competitors initially, then increase 2) Skimming - take as much from customer initially as possible 3) Loss leader
What does product distribution mean?
to deliver the product to customers
What does it mean to modify the product?
change the product in some way to fight the product life cycle (saturation and decline) by introducing new things
What are the four P's of the marketing mix?
1) price 2) product 3) promotion 4) place
What is a unique selling point (USP)?
The thing that makes your product special, the best option, different from competitors. The USPs is aimed towards delighting your customer.
What does the product-life cycle describe?
the birth, growth and death of a product
What does product innovation mean?
it means creating new functions and features to meet customer needs in new and exciting ways. Ex. iPhone 13 5G, Camera Quality
What is the growth phase of the product life cycle?
More customers are learning about the product and sales are increasing
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