The Four Stages of

The product cycle is four distinct stages in sales and profits. Introduction, growth, maturity, and decline. The product life cycle can describe a product class, product form or a brand or model. The amount of time that a product remains in any stage depends on customer needs and preferences, economic conditions, the nature of the product, and the marketer’s strategy.
The introductory stage can determine the success or failure of your business. The introductory stage is a crucial phase that requires careful planning and considerable investment. The introductory stage is the first stage in the product life cycle which extends from the research-and-development phase.
The growth stage can reap handsome profits for those who survive. The growth stage can cause a rapid jump in sales if the product is successful and usually an increase in the number of competitors and distribution outlet. As competition increases, so does the struggle for market share.
The maturity stage is the longest in the product cycle, sales begin to level off. Most companies try to keep mature products alive s they can use the resulting profits to fund the development of the new product.
Most products eventually enter the decline stage, when sales and profits slip and then fade away when products decline, the company must decide whether to reduce the products cost, or discontinue it altogether and focus on developing newer products

Refrences

Works Cited

(n.d.). In C. L. Thill, Business in Action sixth editon (pp. 317-318). Bovee and Thill LLC. clifton, c. (1994-2014). data mining. In Encyclopædia Britannica