What are the phases of the product life cycle?
In marketing, any product offered for sale is undergoing a series of phases called the product life cycle. As the product achieves each of the stages of the product life cycle, traders adjust how the product is appreciated, promoted and distributed. There are four phases of the product life cycle: introduction, growth, maturity and decline.
The introduction phase begins before the product is even released. The company advertises in an effort to create a product for product. The product can only be issued only in selected areas, so the company can find out whether it is accepted before spending a lot of money on state, national or global distribution. A common example is films that often run in selected theaters before publishing everywhere. In the introduction, the price may be either low to make the product more accessible to the buyer or high to try to recover the cost of development.
At this stage, most of the marketing is focused on early adoption, people who want to try the latest gadget or product. ReviewNew adoptures can help influence the views of more cautious consumers. If the sale in the initial phase is not good, the product can be interrupted without ever undergoing any other phases of the product life cycle.
During the growth phase, the company seeks to increase its market share, which means they are trying to attract people who wanted to buy television, for example to buy a new model published by the company. For this purpose, the company can add new features and services to the product. It extends distribution and creates an advertisement that is focused not only on early promoters, but also on the rest of the world. Sale data tends to grow constantly at this stage of the product life cycle.
maturity stage means the end of strong sales growth. The company can be forced to reduce its prices so that Similar products issued by other companies can compete. Advertising will try to emphasize the differences between the companySTI and other similar products. In some cases, the company can offer incentives or special promotions to encourage people to choose their product before others on the market. This is usually the longest of the phases of the product life cycle.
The last of the stages of the product life cycle is the phase of decline. At this stage, sales will begin to decrease. In some cases, the company will reduce its losses and stop the product. The company may also decide to reduce the costs even more and continue to sell the product or add new features and find new uses for it.