Define the term 'Product Life Cycle'.

Mark scheme

Marking points from the official mark scheme (Feb/Mar 2020). The mark or mark type is shown in brackets.

1. [2] (a) A sound definition of 'Product Life Cycle' includes two of the following: The pattern of sales recorded by a product; Steps from launch to withdrawal from the market; It describes the stages a product goes through; Introduction to removal from the market; From when it was first thought of until it is finally removed from the market; One of the main forms of product portfolio analysis; Shows a product's performance in the market; Life expectancy of a product / journey a product is on; At least two correct stages of a product life cycle named; A correctly labelled diagram.
2. [3] (b) Sound explanation of two ways a business could extend a product's life cycle. Answers could include: selling in new geographical markets, e.g. exporting the product; creating a version of the product targeted at different segments; repackaging the product to be more eye-catching; rebranding with a new name and image; relaunching the product with a promotional campaign; finding new uses for the product, e.g. Lucozade; adding value by including more features, e.g. specification of a smartphone; using reduced (penetration) price or offers to discount the price; advertising to try to gain a new audience or remind the current audience. Accept any other valid response.