Product life cycle
What Product life cycle means in Economics B A-Level, as defined for Pearson Edexcel.
Definitions of Product life cycle
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Reference: Pearson Edexcel
The stage a product has reached, which is crucial because pricing strategies change across it, such as penetration pricing at launch and prices dropping during decline.
The life of a good, which can be restarted in new regions when a business introduces the product to new consumers there.
Tracks sales over time through development, introduction, growth, maturity, and decline.
Topics that use Product life cycle
- Competing on price (Pearson Edexcel A-Level)
- Conditions that prompt trade (Pearson Edexcel A-Level)
- Research and development (R&D) and innovation (Pearson Edexcel A-Level)
Related terms
- Extension strategies
- Capacity utilisation
- Competitive advantage
- Cost-plus pricing
- Domestic competition
- Economies of scale
- Fixed costs
- Global supply chains
Using Product life cycle in the exam
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