5Woods last unit:
What changes have been made to extend the life of Lucozade as a product?
 Changed the packaging
 Changed target market
 Changed purpose of the product
 Changed ingredients/flavours
 Changed marketing techniques
 Changed target area
 Changed vending methods
Product Life Cycle: Describes the stages of a product’s life.
Stages:
 Introduction:
 Growth:
 Maturity:
 Decline:
 Withdrawal:
The main stages of product life cycle are:
 Introduction – researching, developing and then launching the product
 Growth – when sales are increasing at their fastest rate
 Maturity – sales are near their highest, but the rate of growth is slowing down, e.g. new
competitors in market or saturation
 Decline – final stage of the cycle, when sales begin to fall
(https://www.tutor2u.net/business/reference/marketing-product-life-cycle)