Question

JP MORGAN CHASE

Explain the product’s current life cycle stage (introduction, growth, maturity or decline). Select one stage to discuss and omit the others). (Ch. 12)

Answer 1

answer-

The product life cycle is the process which state the series of stages a product goes through in its life. The first stage is introduction stage when a JP morgan product is first introduced in the market for example Credit card when introduced in the market many years ago was not in demand because of less information and knowledge how to use it. the second stage is growth stage when product's demand increases by company doing more marketing and promotion. In this stage, People start to use credit card in shopping and other transactions. Third is maturity stage when product reaches at its peak and demand is no more increasing. At this stage, company tries everything to keep the product at this stage because if product moves to decline then it will be end of the product in decline stage.

The one stage in product life cycle is Maturity stage where products of JP morage like savings accounts, debit card, credit card are. At this stage, there are so many competitors and alternatives present in the market for products of JP morgan chase.. For example products of Bank of america or US bankcorp etc like big banks which reduces the demand of its product. In this stage, JP morgan needs to focus on new promotion and offers like discounts, lower interest rate in order to increase life cycle of its product.