How many of you still own a buggy whip? What about a cabbage patch kid?
How many of you still own a buggy whip?
What about a cabbage patch kid?
Products experience what is referred to as a product life cycle. Both of these products have journeyed through the product life cycle.
We have many products that are about to enter the decline stage of the product life cycle. After reading the materials for this module and reviewing the information about the PLC, respond to the following question.
You are to identify two products.
The first product is a product that would be considered to be in either the introductory stage or the growth stage of the product life cycle. The second product is to be a product that has entered the decline stage of the product life cycle. For each product, identify the stage and state why you believe the product is in the stage.
Then provide one strategic action in terms of the marketing mix variables you believe the company that manages the product should do to extend the product’s life and state why.