Product Lifecycle A product life cycle is the length of time from a product first being introduced to consumers until it is removed from the market . The concept of product life cycle helps inform business decision-making , from pricing and promotion to expansion or cost-cutting . (advertising, reduce prices, expand to new markets, or redesign packaging.) A company often incurs higher marketing costs when introducing a product to the market but experiences higher sales as product adoption grows. Sales stabilize and peak when the product's adoption matures, though competition and obsolescence may cause its decline. A product's life cycle is usually broken down into four stages; introduction , growth , maturity , and decline . Product Life Cycle 1. Introduction Stage The introduction phase is the first time customers are introduced to the new product. A product begins with an idea, and within the confines of ...
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