Product development

Introduction

Low sales, High cost per customer, Offer a basic product, use cost-plus

Build product awareness among early adopters and dealers. Use heavy sales promotion to entice trial

Growth

Rapidly rising sales, Average cost per customer, Offer product

extensions, Price to penetrate market

Build engagement and interest in the mass market, Reduce to take advantage of heavy consumer demand

Maturity

Peak sales, Low cost per customer, Diversify brand and models, Price to match or beat competitors

Stress brand differences and benefits, Increase to encourage brand switching

Decline

Declining sales, Low cost per customer, Phase out weak

items, cut price

Reduce to level needed to retain hard-core loyals, Reduce to

minimal level

Spell: Marketing Final 8 - More product?