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Evolution of Popular Products over the Years

Explore the changes in products that have been around for a long time and how they have evolved through different stages of the product life cycle. Discover the strategies companies use to manage competition, advertising, distribution, and other factors. Maximum 500 characters.

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Evolution of Popular Products over the Years

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Presentation Transcript

  1. Intro • What is a product that has been around for as long as you can remember? • How has it changed over the years?

  2. 3.01-B Product Life Cycles

  3. Product Life Cycle • Product Life Cycle represents the stages that a product goes through during its life. • There are 4 Stages of Life Cycle: • 1. Introduction • 2. Growth • 3. Maturity • 4. Decline

  4. Product Life Cycle • What are the goals of the INTRODUCTION Stage? • To increase product awareness • Get the customer’s attention through promotion • Lots of special promotion • During GROWTH Stage: • Customers are aware of product, sales increase • Companies focus on customer satisfaction • Competition starts from other companies

  5. PRODUCT LIFE CYCLE • What happens during MATURITY Stage? • The product’s sales level off. More money is spent on competition during this stage. • Discussion: Choose a mature product • Discuss how company is managing: 1. Competition 2. Advertising 3. Distribution – Is it only sold at 1 place? 4. Other Strategies they have put in place

  6. Product Life Cycle • During the DECLINE Stage: • Sales start to decline. A company must decide to alter the product, discount, or discontinue product. • http://www.businessinsider.com/discontinued-snacks-people-miss-2013-9?op=1

  7. The life product cycle model Growth Growth Development Maturity Decline Development Maturity Decline Few: Few: Growing adopters: Growing adopters: Growing selectivity Growing selectivity Drop-off Saturation of Drop-off Saturation of trial of trial of trial of trial of of purchase of purchase in usage users in usage users early early product/service product/service Repeat purchase Repeat purchase adopters adopters reliance reliance Entry of Entry of Exit of some May be many Exit of some May be many Fight to maintain Fight to maintain competitors competitors competitors competitors share share

  8. Product Life Cycle- 2 product examples at each stage • Using magazines find 2 different products at each stage of the life cycle. • Cut, Paste, and explain on worksheet given.

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