PRODUCT LIFE CYCLE
▪ 4 stages 1.Introduction. Profits are non-existent because of the heavy expenses of product introduction.▪ Speeding up innovation time is essential in an age Of shortening product life cycles.▪ Focus on the price strategy.
2.Growth. To sustain:
– improves product quality and adds new features And improved styling.
– adds new models to protect the main product.
– enters new market segments.
– increases its distribution coverage and enters New distribution channels.
– lowers prices to attract the next layer of Price-sensitive buyers.
3. Maturity. A slowdown in sales growth because the product has achieved acceptance by most Potential buyers.
4. Decline. Downward drift and Profits erode.