Identify strategies for using the product and/or service life cycle.

Identification should include techniques for using the product life cycle to

• develop marketing strategies for extending the life of older products and/or services
• stimulating new product and/or service acceptance
• making product and/or service deletion decisions.

Process/Skill Questions:

• What specific strategies would be used to manage a soft drink (or other common product) during each stage of the product life cycle?
• When should the decision be made to discontinue a product?
• Why should a business be careful when making a decision to discontinue a product?
• What strategies could be used to move a product from maturity back into growth?
• What factors does marketing focus on during the introductory stage of a product?
• What does it mean when a product has entered the decline stage of the product life cycle?