Chapter

11.8. The Product Life Cycle*

From IntroductionToBusiness OP 8D04gAa

Concepts

1. What is the role of a product manager?

   "A product manager develops and implements a complete strategy and marketing program for a specific product or brand of product. Some companies may have numerous brands of the same type of product, su

2. What happens during the introduction and growth stages of the product life cycle?

   "Product managers create marketing mixes for their products as they move through the life cycle. The product life cycle is a pattern of sales and profits over time for a product (Ivory dishwashing liq

3. What happens during the maturity and decline stages of the product life cycle?

   "3. Maturity: After the growth stage, sales continue to mount—but at a decreasing rate. This is the maturity stage. Most products that have been on the market for a long time are in this stage. Thus,

4. How can marketers use the product life cycle as a management tool?

   "The product life cycle may be used in planning. Marketers who understand the cycle concept are better able to forecast future sales and plan new marketing strategies. Marketers must be sure that a pr