4.9 Product Life Cycle Strategies
Strategies are dynamic. They change as the underlying conditions and assumptions change. Strategies may also change and evolve as a product goes through its life cycle.
Products go through four stages.
- Introduction
- Growth
- Maturity
- Decline
The strategy a business uses may change in each stage.
Exercise
Think of the marketing mix. How might each element of the marketing mix change as a product goes through its life cycle?
