Describe the Decline Stage of the Product Life Cycle

question 142

Essay

Describe the decline stage of the product life cycle. Explain the two strategies a company might employ if its product were in the decline stage of its product life cycle.

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Definitions:

Brand Authenticity

Refers to the extent to which consumers perceive a brand as being true to itself and genuine in its actions and communications.

Measure of Equity

relates to assessing a brand's value from the perspective of consumer recognition, loyalty, perceived quality, and associations.

Target Market

The specific segment of the market to which a brand or product is directed, identified by particular demographics, interests, or needs.

Brand Associations

The thoughts, feelings, perceptions, and beliefs that consumers have about a brand, which can be shaped by marketing efforts and experiences.