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Product & Service Management

Product & Service Management. Four Stages of the Product Life Cycle Describe Product Positioning. The Product Life Cycle. Fours Stages of the Life Cycle: Introduction Growth Maturity Decline. Introduction. Focus is on promotion and production Major goal: draw attention to new product

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Product & Service Management

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  1. Product & Service Management • Four Stages of the Product Life Cycle • Describe Product Positioning

  2. The Product Life Cycle • Fours Stages of the Life Cycle: • Introduction • Growth • Maturity • Decline

  3. Introduction • Focus is on promotion and production • Major goal: draw attention to new product • Build sales through product awareness • Costs are high during this stage • Can be the least profitable stage

  4. The 2013 Volkswagen Beetle

  5. Growth Stage • Showing increases sales and profits • Target market is aware of product, where to buy • Ads change to customer satisfaction • Competition may show up • Product may need to be modified

  6. Maturity Stage • Sales level off or slow down • More competition • Target market may already own the product. • Higher ad expense to maintain market share • Can product be improved further?

  7. Sales fall, profits drop May be discontinued Strategies: Sell or license the product Promote other uses Discount Regionalize Modify Decline Stage

  8. Product Life Cycle In your notes, write down an example of a product for each stage of the product cycle. Introduction Growth Maturity Decline Discuss with your classmates Be prepared to share your examples.

  9. Product Positioning • The image that a product projects. • Designed to set the product apart from competitors.

  10. Price & Quality • Economy line • Mid-priced line • Luxury line

  11. Features & Benefits • Emphasis is placed on specific features and benefits to the customer.

  12. In Relation to Competition • Compete directly

  13. In Relation To Other Products in a Line

  14. Product Positioning On a separate sheet of paper, list examples of product positioning based on: Price and Quality Features and Benefits Relation to the Competition In Relation to Other Products in a Line Be prepared to explain your answers.

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