| A | B |
|---|
| Product life cycle | The stages through which goods and services move from the time they are introduced on the market until they are taken off the market. |
| Market segmentation | Dividing a market into distinct groups of buyers who have different needs, characteristics, or behaviors, and who might require separate products or marketing programs. |
| Introduction stage of life cycle | when a product is introduced into its intended target market; sales grow slowly, profit minimal. |
| Growth stage of life cycle | Second stage during which sales/usually are increasing. |
| Maturity stage of life cycle | Sales “max out” and can sustain or slow down/ level off. |
| Decline stage of life cycle | Sales and profits drop/ a product may be “retired”. |
| Product | Anything offered to a market that might satisfy a want or a need. It is WHAT IS BEING SOLD. |
| The stages of the product life cycle | introduction, growth, maturity, and decline. |
| Bust | When a product has been removed from the market before it recovers its costs. |
