Principles of Marketing

Prompt

Shane is the owner of Reusable Living, a company that produces party cups similar to the popular red Solo cup. The Research and Development department at Reusable Living has just created a new product, a reusable party cup, named the Eco Party Cup. It has a double wall vacuum insulation to keep beverages cold two times longer than the popular red Solo cup, and also hot for up to 4 hours without burning your hands. This cup is different from the popular Yeti cup, as it is intended for use by college students and/or partygoers who wish to party sustainably and responsibly. The trendy design speaks to the college audience, and currently, there are no similar products in the market.

In full paragraphs, identify the four stages of the product life cycle and explain in detail how sales/profits, promotion, and competitors change as the Eco Party Cup moves through each of the four stages.