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Week 6 Topic 12-Chapter 9 Assignment 1

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Q Week 6. Developing New Products & Product Life Cycle Chapter 9 Chapter Preview: New products are the lifeblood of an organization. However, new product development is risky and many new products fail. The first part of this chapter explains the process for developing and growing successful new products. Once introduced, marketers than want their products to have long successful lives. Takeaways: Explain how companies find and develop new product ideas. Describe the stages of the product life cycle and how marketing strategies change during a products life cycle. Read in the Textbook: Chapter 9. Developing New Products and Managing the Product Life Cycle. Assignment: One (1) page: Name and define the stages of the Product Life Cycle (PLC). Do all products follow this pattern? Assignment: One (1) page: What are the benefits of innovation in the restaurant industry? Assignments Due: Tuesday, 4/4 @ 11:59pm. Assignments will not be accepted after due date.

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In marketing, the product life cycle (PLC) has four stages which include an introduction, growth, maturity, and decline. In the introduction stage, low volume of sales, limited distribution channels, and high marketing expenses are prevalent. During this stage, the focus is on creating awareness and generating interest in the product. This stage is followed by the growth stage which is marked by an increase in the sales volume of the product, growing competition, and expanding distribution channels. At this stage, the focus is on building market share and establishing the product as a leader in the market (Smetana, Sergiy, et al.). In the maturity stage, a slowdown of sales growth is witnessed, along with market saturation and increased competition. In this stage, the focus is mainly on maintaining the market share and extending the product's life cycle through diversification and innovation. Finally