128207
Description
Mind Map by ereyscarey101, updated more than 1 year ago
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Created by ereyscarey101
over 11 years ago
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Describe the product
life cycle, new product
development and the
product adoption
process
- 3. GROWTH
- 1. NEW PRODUCT DEVELOPMENT
- -FAULTS AND PROBLEMS CAN BE ELIMINATED AND POSITIVE FEATURES CAN BE REFINED AND
IMPROVED
- -BEFORE THE PRODUCT BECOMES AVAILABLE TO THE MARKET
- -DEVELOPS THE IDEA, DOES RESEARCH AND PREPARES PROTOTYPE TO PRE TEST
- --CAN INVOLVE SUBSTANTIAL COSTS
- 2. INTRODUCTION
- -FIRST APPEARANCE OF THE PRODUCT IN THE MARKET -MARKET KNOWS LITTLE OR NOTHING
ABOUT THE PRODUCT THEREFORE NEEDS CONSIDERABLE AMOUNT OF
PROMOTION/ADVERTISING -THERE IS OFTEN LAG BETWEEN INTRODUCTION AND SUBSTAINTIAL
SALES
- -FIRST APPEARANCE OF THE PRODUCT IN THE MARKET -MARKET KNOWS LITTLE OR NOTHING
ABOUT THE PRODUCT THEREFORE NEEDS CONSIDERABLE AMOUNT OF
PROMOTION/ADVERTISING -THERE IS OFTEN LAG BETWEEN INTRODUCTION AND SUBSTAINTIAL
SALES
- 4. MATURITY
- 5. DECLINE
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