Activity - Product Life Cycle PDF

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BTEC First Business Teaching and Assessment Pack

Unit 9: Principles of Marketing

Activity - Why do we need Product Portfolios? The 4 P’s – Product, Price, Place, Promotion – of the marketing mix are a framework for producing a marketing plan. One of the 4 P’s is product – what we actually sell. Whether we sell goods or services we need to consider what is on offer to the customers. Many businesses maintain a portfolio of products, each of which is at a different stage in the product life cycle. 1. Label each of the stages on the product life cycle diagram. 2. Add an example of a product at each life cycle stage to the diagram.

Development

introduction

growth

maturity

decline

Product portfolios contain a mixture of products at different lifecycle stages. Evaluate why this is important? It is important so that an bring all of them into the maturity zone where everyone knows your products and it gives the customer more options to choose from when shopping at the company.in my opinion it is great because when shopping I see something I needed but didn’t know I can buy it which Is great.

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