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6 Cards in this Set
- Front
- Back
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Introduction and Launch |
Period when a product is newly released onto the market At first sales can be slow as consumers do not recognise the benefits of a new product |
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Growth |
Consumers see the benefits of new technology Sales start to rise Steady increase in profit Competitors will release their own versions of the product with slightly different features |
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Maturity |
Sales begin to level off Market becomes saturated with competitor designs |
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Decline |
The market is completely saturated with competitor designs and sales start to drop off |
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What is planned obsolescence? |
When companies produce new or improved products at short intervals choosing not to wait until current product reaches maturity or decline They convince consumers they must have the newest product even though they don't actually need it |
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Why do they do this? |
To maintain a steady volume of sales To maintain a market advantage over competitors As a result of technological advancement e.g. development in microelectronics |
