Can You Discuss The Distinct Stages In Product Life Cycle Givin Suitable Example?
Product life cycle.
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There are 4 distinct stages of Product life Cycle. These are:
Introduction: It is the first stage of the introduction of a product. The firm emphasizes on building product awareness and developing the market.
Growth: The emphasis is on building consumer preferences for the brand and increase the market share.
Maturity: At this stage the sales of the company start declining. Competition gets intense and the company is trying to protect the market share.
Decline:The sales decline and the company either has to divest or reduce costs
Introduction: It is the first stage of the introduction of a product. The firm emphasizes on building product awareness and developing the market.
Growth: The emphasis is on building consumer preferences for the brand and increase the market share.
Maturity: At this stage the sales of the company start declining. Competition gets intense and the company is trying to protect the market share.
Decline:The sales decline and the company either has to divest or reduce costs
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