Product lifecycle.
A product lifecycle is the four stages of a product's life.
Each stage has its own unique characteristics and challenges.
The market introduction stage.
The first stage is the market introduction stage.
At this point, a new product has just been launched and its market share may be small.
Businesses can invest in marketing and promotion to build demand.
The first stage is the market introduction stage.
The growth stage.
Products that make it through the introduction stage , reach the growth stage.
In the growth stage, product sales grow as consumer demand increases.
As a result, competition may increase as more businesses look to share the market.
Companies often need to update their products to stay competitive.
Investing more in marketing and promotion can help build consumer demand.
What happens as a result of consumer demand increasing?
Competition may increase as more businesses look to share the market.
Maturity stage.
In the maturity stage, the market becomes crowded due to fewer new customers and stronger competition.
As a result, sales growth peaks and begins to slow down.
At this point, a business may lower its prices or explore new markets to increase sales.
Product sales peak and begin to slow down.
The decline stage.
In the decline stage, product sales decrease as competition becomes stronger.
Since the popularity of our products falls, making a profit becomes more difficult.
As a result, a business may cut production costs or discontinue the product.
Why does the market become crowded during the maturity stage?
Why is it hard to make a profit during the decline stage?
Since the popularity of a product falls, making a profit becomes more difficult.
Products that make it through the introduction stage will reach which stage.
What is the first stage in a product life cycle?
Since the popularity of our products falls, making a profit becomes more difficult.
In the decline stage, product sales decreased as competition becomes stronger.