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4 Cards in this Set
- Front
- Back
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product life cycle |
1. introduction (sales are low, idea is first introduced, informative promotion needed) 2. growth (sales grow fast but industry profits rise and then start falling, attracts competition at this point) 3. maturity (sales level off, competition continues to rise, promotion costs increase) 4. decline (new products replace older ones) |
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factors that contribute to the speed with which a product moves through its life cycle |
1. the greater the comparative advantages, quicker sales grow 2. sales grow faster if product is easy to use and advantages are easy to communicate 3. if consumers can try the product with little risk, quicker 4. if product is compatible with the values and experiences of the target customers |
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federal trade commission |
federal government agency that policies antimonopoly laws |
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product liability |
the legal obligation of sellers to pay damages to individuals who are injured by defective or unsafe products |
