Identification should include the stages of the product/service life cycle (i.e., introduction, growth, maturity, decline), all of which affect the pricing and lifespan of a product/service.

Process/Skill Questions:

How do consumer attitudes toward the product/service change as it goes through the stages of the product/service life cycle? How does this affect marketing strategies?
How does promotion change in each stage of a product life cycle?
How does price change in each stage of the product life cycle?
How do marketing costs incurred at each stage of the product/service life cycle vary?
How do changes and improvements to a product/service affect its life cycle?
How can a product’s position in the life cycle be used to help identify the need for new products?
What strategies could be used to move a product/service in decline back to maturity? From maturity to growth?