Identification should include

Process/Skill Questions:

What effect does the product life cycle have on a business?
How does each stage of the product life cycle affect the business?
Why might a product fail to reach maturity?
How does the growth stage differ from the introduction stage?
How does the marketing mix change in each part of the product life cycle?
What strategies could be used to move the product/service to another phase?
How does pricing play a role in the sequence of events in the life cycle?
What might a company do to delay the decline of a product/service?
Does a service have a life cycle? Explain.
How can a service adjust to the changes in technology to avoid becoming obsolete (e.g., movie rental stores)?
How can a business remove a product that has gone into decline without losing dedicated customers?