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6 Cards in this Set

  • Front
  • Back

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

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

Maturity

Sales begin to level off


Market becomes saturated with competitor designs



Decline

The market is completely saturated with competitor designs and sales start to drop off



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

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