Describe the stages in the product and/or service life cycle.

Description should include the stages of the life cycle (i.e., introduction, growth, maturity, decline, reinvention/renewal, obsolescence), all of which affect a product’s and/or service’s pricing and lifespan. 

Process/Skill Questions:

• How do consumer attitudes toward the product change as it goes through the phases of the product life cycle? How does this affect marketing strategies?
• How does promotion change in each stage of 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 life cycle vary?
• How do changes and improvements to a product affect its product life cycle?
• How can a product’s position in the life cycle be used to help identify the need for new products?