BEST PRODUCT FOR THE MARKET NEED

Tips in choosing the business name

1.Easy to recall or remember
2.Pleasant meaning creates pleasant feelings
3.Easy to pronounce
4.Easy to spell
5.Related to the product
PRODUCT LIFE CYCLE- CONCEPT DESCRIBES A
PRODUCT’S SALES, PROFITS, CUSTOMERS,
COMPETITORS, AND MARKETING EMPHASIS FROM
ITS BEGINNING UNTIL IT IS REMOVED FROM THE
MARKET

Stages of Product life Cycle

I. Product Development
1. idea generation
a. brainstorming
b. analyzing existing products.
c. reading trade publications
d. visiting supplier’s facilities
e. surveys
2. idea screening
3. concept testing
4. business analysis
a. demand projections
b. cost projection
c. competition
d. required investment
e. profitability
5.Product development
a. product construction
b. packaging
c. branding
d. product positioning
e. consumer attitude and usage testing
6. Test marketing
7. commercialization
II. Introduction
III. Growth
IV. Maturity
V. Decline