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Product Life Cycle

In: Business and Management

Submitted By Cashkings7
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PRODUCT LIFE CYCLE
Product life cycle is the stages through which a product or its category bypass. From its introduction to the marketing, growth, maturity to its decline or reduce in demand in the market. Not all product reach this final stage, some continues to grow and some rise and fall.
Contents
• 1 Stages of product life cycle o 1.1 Introduction o 1.2 Growth o 1.3 Maturity o 1.4 Decline
• 2 See also

Stages of product life cycle
Introduction
This is the stage of low growth rate of sales as the product in newly launched in the market. Monopoly can be create depending upon the efficiency and need of the product to the customers. Profits are nonexistence as the expenditure is high at this stage. If the product is the new product class, the users may not know the true potential, so in order to achieve that place in the market extra information about the product should be transfer to its user through various medium.
Growth
Growth comes with the acceptance of the innovation in the market and profit starts to flow. As the monopoly still exists manufacturer can experiment with its new ideas and innovation in order to maintain the sales growth. It is the best time to introduce new effective product in the market thus creating an image in the product class in the presence of its competitors who tries to copy or improve the product and present it as a substitute me.
Maturity
In this the end stage of the growth rate, sales slowdown as the product have already achieved it acceptance in the market. So new firms starts experimenting in order to compete by innovating new models of the product. With many companies in the market, competition for customers becomes fierce, even though the increase in the growth rate of sales at the initial part of this stage. Aggressive competition in the market results the profit to acme at the end of the growth stage thus

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