The product life cycle is a cycle that describes the stages a product goes through from introduction to decline. The four stages of the product life cycle are:
1. Introduction: This is the stage when a new product is introduced to the market. Sales are typically low, and companies are focused on promoting the product and building awareness among consumers.
2. Growth: In this stage, sales start to increase as consumers become more aware of the product and its benefits. Competition may also increase as other companies enter the market with similar products.
3. Maturity: At this stage, sales peak as the product reaches its full market potential. Competition is high, and companies may focus on differentiating their product through marketing campaigns or price promotions.
4. Decline: In this stage, sales start to decline as consumers move on to newer or more innovative products. Companies may choose to discontinue the product or find ways to revitalize it through product innovation or targeted marketing strategies.
Changes that are likely to occur in the market over the course of these four stages include shifts in consumer preferences, advancements in technology, changes in market trends, and the emergence of new competitors. Companies need to continuously adapt their marketing strategies and product offerings to stay competitive throughout the product life cycle.
What is the product life cycle? What are its four stages? What changes are likely to occur in the market over the course of these four stages?
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