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| Question | Answer |
| What is the Product Life Cycle? | The different stages a product goes through in the market |
| What are the different stages of the product life cycle? | Development, Introduction, Growth, Maturity and Decline |
| When happens in the Growth stage of an ideal cycle? | Sales and profits increase sharply |
| What happens in the Decline stage of an ideal cycle? | The product become outdated meaning a big fall in sales. This can lead to a withdrawal |
| How do businesses tackle the Decline stage of the cycle? | They will try to extend the life of the product through extension strategies. |
| What exactly is an extension strategy? | An extension strategy is when a business changes a product to extend the life of it. |
| Name some extension strategies | New packaging Adding value Price reduction |
| What happens in the Introduction stage of the cycle? | The product is launched into the market |
| What happens in the Maturity stage? | Growth in sales slows down but customers become loyal and continue to buy. |
| What is a Product? | A good that satisfies the needs of customers |
| What is a Business Portfolio? | The collection of products and services provided by a company |
| What is a Product Portfolio Analysis? | To be completed.... |
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