Analyze the life cycle of an existing product/service.

Analysis should include

  • introduction
  • growth
  • maturity
  • decline. 

Process/Skill Questions:

  • What strategies could be used to move the product/service to another phase?
  • What might a business do to delay the decline of a product/service?
  • How does pricing play a role in the sequence of events in the life cycle?
  • What is considered the least profitable stage of the life cycle? Why?
  • When a product has gone into decline, how can a business remove that product and still keep dedicated customers (e.g., Tab, by Coca-Cola)?
  • How can one adjust a product/service to avoid becoming obsolete?