Product Life Cycle and Business Products: Definitions and Stages, Quizzes of Marketing

Download Product Life Cycle and Business Products: Definitions and Stages and more Quizzes Marketing in PDF only on Docsity! TERM 1 Business products DEFINITION 1 Installations- Accessory equipment Raw materials Component parts Process materials MRO supplies Services- TERM 2 Product Life Cycle DEFINITION 2 The progression of a product through four stages: introduction, growth, maturity, and decline. TERM 3 Introductory stage DEFINITION 3 The initial stage of a product's life cyle, its first appearance in the marketplace when sales start at zero and profits are negative. Risk of failure. Buyers must be aware of: features, uses, and advantages. Sellers lack: resources, technological knowledge, and marketing know-how. TERM 4 Growth Stage DEFINITION 4 The product life cycle stage when scales rise rapidly and profits reach a peak, then start to decline Competitors react! TERM 5 GS: Marketing Strategy DEFINITION 5 Encourage brand loyalty- stress brand benefits Strengthen market share Emphasize product's benefits Aggressive pricing Analyze production position Efficient distribution system Promotion costs drop as % of sales