MKT 100 Study Guide - Final Guide: Product Lifecycle, Marketing Mix

• School: Ryerson University
• Department: Marketing
• Course: MKT 100
• Professor: Fathima Saleem

Document Summary

Describe the product life cycle and summarize how it is used to make product line decisions. The product life cycle helps irms make markeing mix decisions on the basis of the product"s stage in its life cycle. In the introducion stage, companies atempt to gain a strong foothold in the market quickly by appealing to innovators. During the growth stage, the objecive is to establish the brand irmly. When the product reaches the maturity stage, irms compete intensely for market share, and many potenial customers already own the product or use the service. Eventually, most products enter the decline phase, during which irms withdraw markeing support and eventually phase out the product. Knowing where a product or service is in its life cycle helps managers determine its speciic strategy at any given point in ime. In theory, the product life cycle curve is assumed to be bell-shaped with regard to sales and proits.