Graphics - Product Life Cycle
- Created by: zzaakkiiyyaa
- Created on: 15-04-16 10:59
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Find a Gap in the Market...
- Process usually starts when someone finds a gap in the market. This means a product isn't available to meet people's needs. (Pop up recipe books for example)
- The next stage is: hiring a designer who designs a product to fill the gap
- New product is then manufactured and sold
...And Then Decide Who Your Target Group Is
- Work out what group of people you want to sell the product to (target market). Grouping people by things like - age, job, hobbies, income - is useful
- You have to design the product with your target market in mind
- And then aim your marketing - so advertising - at them
Every Product Has A Life Cycle
- Introduction - New product is launched. This is expensive as you need to pay the designer and pay for marketing
- Growth - Sales go up if the product is a success, manufacturing costs go down, profits…
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